From smartphones to laptops and traffic lights, electronic parts and pieces impact just about everything we do as consumers. If your company specializes in electronics manufacturing, you’ve picked an industry that’s going to be around for a very long time.
While people may love using the final end product, however, as a manufacturer, it’s all too easy to be named in a lawsuit even if you aren’t the final seller.
Electronics manufacturing insurance makes it easier to mitigate risk while protecting your company’s cash flow.
Here Are 3 Types of Insurance That Electronics Manufacturers May Want to Consider Pursuing
1. Commercial General Liability
This insurance type is probably most well-known for its use as “slip and fall” insurance. But it is also helpful to manufacturers because of its ability to cover products liability cases if a consumer suffers physical harm or property damage due to a faulty product.
Depending on where you sit in the supply chain as a manufacturer, you may run the risk of being involved with a product that needs to be recalled despite having very little control over the final product. Commercial general liability coverage can help cover your defence and judgement costs.
2. Commercial Property Insurance
Manufacturers, more than many other industries, often depend on certain specialized pieces of equipment to fulfill orders. In addition, you may have office furniture or work computers that may be equally as important to your business.
If a fire were to harm your building or if your facilities were to be vandalized, having to replace your expensive equipment on short notice would likely be a financial and logistical nightmare.
With commercial property insurance, your company may be able to receive compensation if an insured peril damages your professional equipment.
3. Machinery Breakdown Insurance
The manufacturing of electronics requires specialized machinery and equipment that has to be highly tuned, well maintained and precise. The smallest electrical surge or electrical arching or pressure vessel rupture could cause significant damage to the equipment itself and/or other physical assets on site like inventory or the building itself. Machinery breakdown insurance protects organizations from very specific causes of loss and can be invaluable coverage for any electronics manufacturer.
If You’re Looking for Electronics Manufacturing Insurance, We Can Help!
Here at ALIGNED, we’ve been helping manufacturers like you find the coverage they need for years. Request your FREE electronics manufacturing insurance quote today.
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