The manufacturing industry is a vital cornerstone of the U.S. economy. It creates jobs, boosts economic growth, and spurs innovation, but none of that comes without a certain degree of risk. For the business owners and entrepreneurs that take on that risk, manufacturing insurance can help offset financial vulnerabilities and minimize the potential for unexpected loss. At Myers Insurance Group, we help manufacturers – big and small – protect their businesses, employees, and goods against the devastating financial effects of a covered loss.
As a local, independent insurance agency, we are well acquainted with the types of manufacturing common to the Eastern Illinois economy. We also understand the risks associated with transforming raw materials into finished goods – a process that often takes many hands and reliable equipment. We offer insurance coverage for many different types of manufacturers, including those who produce goods from:
- And more
Types of Insurance
The manufacturing process is multi-faceted, and there are risks associated with each phase of production. A lot can go wrong, from faulty materials and defective final products to workplace injuries and equipment failure. While there is a lot you can do to improve safety and quality control, you cannot eliminate every possible bump in the road. At Myers Insurance Group, we offer insurance that helps reduce your risk exposure and minimize the potential for unexpected financial loss.
Whether you have a small shop or a large plant with multiple assembly lines, as a manufacturer, you likely have an extensive financial investment in your physical assets. Property damage insurance can help compensate you for the loss of inventory, equipment, signage, computers, furnishings, and your building structure if they are damaged, destroyed, or lost due to a covered event.
Selling Price Endorsements
Your goods are worth more than the time and resources you put into them. You expect to sell them for a profit, which helps cover your operating expenses and generate revenue for your business. When finished goods are no longer marketable due to a covered reason, a selling price endorsement can ensure your business is compensated for the loss of your product’s market value – not just its production value.
If your manufacturing equipment fails due to a mechanical or electrical reason, you need it running again as quickly as possible to avoid production downtime. Equipment breakdown coverage helps pay for repair or replacement due to a covered event.
If a covered event forces you to halt production or slow your manufacturing rate, business interruption insurance can help compensate you for the loss of revenue.
When finished goods prove to be defective or even unsafe, it may be necessary to issue a product recall. The cost of recalling goods can be substantial, but it is necessary at times for the safety of the consumer. Product recall insurance helps cover the costs associated with recalling a product, reducing your business’s overall loss.
Product Liability Insurance
When you fail to detect a faulty product before it causes consumer harm or other loss, your business could become responsible for financial damages. Product liability insurance can help cover loss compensation and also protect your business against the cost of litigation associated with a lawsuit.
General Liability Insurance
When your business is accused of responsibility for third-party injury or property damages, general liability insurance can help cover the cost of defending your company in court. It can also cover certain medical expenses for third-parties injured on your premises, and it can cover the cost of judgments against your business if you are found liable.
Commercial Umbrella Insurance
Even with high liability limits, your primary coverage may not be adequate to cover a major lawsuit. For these scenarios, commercial umbrella coverage can provide millions of dollars in extended liability protection. This coverage is secondary to your primary liability protection, but it can provide a safety net against a major loss your business might otherwise be unable to sustain.
Workers Compensation Insurance
You have a responsibility to provide a safe work environment for your employees. However, accidents can still happen. For that, there is worker’s compensation insurance, which helps pay for an employee’s medical bills and lost wages after suffering a job-related injury or illness.
Many manufacturing businesses own multiple company vehicles, and perhaps even a few delivery trucks. These commercial vehicles are costly to repair or replace when they are damaged in accidents or due to non-collision events. Talk to your agent about insurance for your commercial vehicles and which type of coverage is right for you.
Manufacturing Insurance – Independent Quote
Having the right insurance is not just important – it’s essential. Without it, an unfortunate turn of events could force you to close your doors forever, affecting your livelihood and the livelihood of your workers. Talk with an agent at Myers Insurance Group to custom tailor an insurance package that fits your company’s needs.
Whether you are preparing to open a new manufacturing firm, planning to expand in the future, or have been managing a successful manufacturing business for years, we can provide coverage that grows with you through the many phases of business development. Manufacturing is essential to the financial system, and we want to do our part to support it. For more information about Illinois manufacturing insurance or to request your quotes, contact our office today. We look forward to serving you soon.