Do you need insurance for your Industrial Design Company?
Yes, yes you do! As an Industrial Design Company owner, you are combining various skills to make everyday products for a variety of clients. Your clients may range from manufacturers to sports companies to hospitals. Catering to the needs of such diverse industries combines the skills and talents of both engineering and art. Your business makes products for a variety of fields, such as the automobile industry, medical equipment, furniture, recreational equipment and many more. Your team can be involved at each stage of the design process – from concept design to mechanical design, prototyping and manufacturing design.
These products are important to everyone and involve innovation as well as problem solving. Your industry is crucial to society, and your responsibilities include protecting your business with the right insurance to guard against unforeseen circumstances.
What is the best insurance for Industrial Design Companies?
Your Industrial Design Company faces risks on several fronts – if something goes wrong with the design of one of your products, you could be held liable. If harm arises out of the use of products you designed, again, you could face risk. Other risks include those to your property, both intellectual and physical.
Here is a list of coverages to consider:
- General Liability Insurance guards against bodily harm and property damage that could result from interaction with your business. It includes damage related to your premises, operations, products, completed operations and advertising.
- Products Liability is a typical coverage included with your general liability insurance. This covers liability for bodily injury or property damage incurred by a manufacturer as a consequence of some defect in a manufactured product.
- You need to guard against employee theft of both physical assets and intellectual property by staff from your company. Although no one wants to think about this happening, your Industrial Design Company could be particularly vulnerable, and Employee Theft Insurance will help keep your valuable property safe.
- Cyber Liability Insurance is another coverage that applies to your industry. Not only do you need to guard against hacking of your company’s online assets and client information, you also likely design in online software that could be vulnerable.
- Small Business Property Insurance is another coverage that you need to protect your physical assets. Depending on your company’s specific needs, these could include the building where you manufacture and everything contained within it, and any other valuable property.
- If your business employs engineers in your industrial design work, you also likely need Professional Liability Insurance for Engineers. This coverage will protect your business in the event that there is an error or omission in design that causes issues.
These potential claim situations help illustrate why these coverages are required for your Industrial Design Company:
- A staff member sells one of your designs to a rival company.
- One of your engineers designs a structural component that does not fit with the prescribed structural calculation, resulting in a claim for damages.
- A software system is hacked and some of your work is compromised.
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