If you own and operate a business in the manufacturing industry, you need the right insurance. While manufacturing insurance is generally not a legal requirement, not being covered could prove fatal for your manufacturing company. Liability claims against manufacturers are on the rise, while ever-complex supply chains continue to cause unexpected disruptions for all manufacturers.

That is why now is the time to find the right coverage policy for your company. Read on to find out exactly which coverage options to look for when purchasing manufacturing insurance. 

1. Bespoke Manufacturing Industry Coverage

First off, it is crucial that you are able to pick and choose your coverage options as you need them. There is no use paying for coverage that will never actually affect you. For example, if you are looking for manufacturers insurance NJ, choose a well-known local provider such as Soden, which allows you to piece together your own bespoke policy, based on the coverage you actually need. 

2. General Liability

Any commercial entity should have general liability insurance, as the risks of not having it are simply too high. This is the catch-all insurance that will cover most of your liabilities to others. It will cover any accidents or injury that takes place as a result of your business activities, or damages resulting from a potential copyright infringement, for example.

3. Product Liability

Product liability is manufacturing coverage that is designed to cover costs when one of your products is found to be at fault for the injury, damage, or death of another. No matter what your product is, it could cause harm to someone. That is why you need to be prepared with product liability coverage. Product liability claims have the highest payout out of any insurance claim in existence, which is why you should take it seriously. 

4. Property Insurance

This is insurance designed to protect the site when your manufacturing business actually makes things. The weather could damage your facilities. Theft could result in the loss of valuable equipment. An accident could result in site downtime. Property insurance for manufacturers is designed to cover you in all of these everyday scenarios. 

5. IP Insurance

Manufacturing is a highly competitive and often cutthroat industry. No matter which sector you operate in, you will have competitors who have an interest in seeing you fail. A common attack from competitors will concern claims of IP theft. A company may claim that you have infringed their intellectual property and try to sue you into oblivion.

When this happens, IP insurance is there to give you the resources you need to defend yourself and your business. It may also cover any costs relating to a successful claim from your opponent. 

Keep Your Business One Step Ahead in 2022

The manufacturing industry is going through unprecedented and dramatic changes. That is why you need to stay one step ahead and on top of the shifts that will impact you. To stay ahead of the curve in 2022, make sure to consult our expert Business guides to learn more.