subject: Important Insurance Covers For Your Manufacturing Business [print this page] There are a number of covers that are offered for a commercial combined policy, specifically designed for manufacturers and factory owners. ICBC Lawyers in Vancouver can guide you for the important Insurance covers that you need as per your factory and requirement.
Following are the important Insurance covers for protection of your manufacturing business.
Cover for Factory Manufactured Products
One of the areas which are important to manufacturing businesses is the end product produced. Similarly its your responsibility if you stock up unsafe raw materials. So find an appropriate cover for it.
Cover for Loss of Trade Risks and Profit Risks
Breakdown of public utilities like water, gas, electricity could have a negative effect to your trade and could hamper your profits.
Consider the impact of an interruption in your business not only at your own premises but also at those of key customers and suppliers. Ensure the appropriate covers are in place.
Contents or the stock needs to be insured for the cost price without adding the profit.
Cover for Factory property
Buildings can be insured against all threat that includes fire, explosion of gas and boilers used for commercial purposes, lightning and also dangers such as explosion, riot, damage, collision by aircraft, rail, road vehicles, escape of water from tanks or pipes and sprinkler leakage and storm, flood.
Cover for Business Interruption for Factories
Consider appropriate cover for damage to the factory property or machinery or loss of stock that could be either raw materials or final product, could disrupt the businesss income. Also consider cover for loss or damage at the premises of the suppliers or customers that impacts your business.
Business interruption insurance will pay compensation for the deficit in gross profit, also with paying any increased working costs and extra fees incurred.
Engineering Cover for Factories
Cover for engineering related risks includes for any electrical or mechanical failure for most machinery, including computers.
Cover for Theft from Factory Premises
Stocks are usually covered against theft provided there has been forceful and violent entry or exit from the premises. Damage to the factory building due to theft or attempted theft will also be covered.
Money insurance covers negotiable documents, cash, checks, postage stamps. Personal assault cover may also be included, which will provide compensation for those injured during theft or attempted theft of money.
Cover for Product Liability
This cover is for the protection against legal liability as a result of a faulty product or defective product manufactured or supplied and that causes loss or injury to a person or business.
Cover for Employers Liability
This is legally requirement for the employees in your factory. The Insurance is to protect employers against bodily harm or death to employees in the factory.
Cover for Goods in Transit
This insurance covers goods lost or damaged while in your vehicle or when sent by carrier. The amount insured may be a maximum value for each vehicle or any one consignment.
Cover for Credit Insurance
Because the risk of bad debt can be soaring, you would find it hard to get cover. This insurance protects you against customers who fail to pay their invoices for the products.
Cover for Legal Expenses Insurance
This helps to cover the maximum of your costs in the event of a legal dispute.
Cover for Factory property, buildings, machinery, stock, contents, manufactured goods, supply chain risks, employees, workers and all liabilities is essential. Finding the right covers for your manufacturing unit is the key to making success, so take time and do your study correctly.
by: Alice Jonathan
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