Buying Guide | How to buy commercial insurance for manufacturers
Moving parts. That’s what you and your employees deal with every day in the manufacturing sector. The products you manufacture are complex to build. Supply chain management is complicated. Whether you build tiny parts for new tech, manufacture large scale concrete objects or create a key component on an assembly line, your risks are always changing.
Margins are always on your mind because a small tweak can have major impact on your bottom line. This is why we gathered up some relevant and timely insurance insights for Canadian manufacturers.
5 Coverages Of Particular Interest To Manufacturers
You’ve got lots to think about when buying insurance for manufacturers. Our experienced insurance brokers are well aware of the complexities of the manufacturing business. This is why we identify key coverages that manufacturers should be on the outlook for. Some of these include:
- Comprehensive Business Interruption. If a power outage happens in your plant and stock is damaged as a result, you need manufacturers insurance that responds.
- Deferred Payment. Do you have a contract with a client to conditionally sell product &/or produce product for a future date? Deferred stock payment plan coverage ensures associated risks are covered.
- Replacement Cost. Unfortunately, product stock that’s been carefully warehoused can still get damaged or even lost. This is why coverage that delivers the cost to replace stock is important for manufacturers.
- Temporary and Crane Operators. Your client may be using new equipment that they haven’t advised you about. Or you may be using specialized equipment to move and lift products with a crane. These are a few reasons why you need the best coverage options for manufacturers.
- Waiver of Deductible. Sometimes losses are fiscally catastrophic. This is why having a built-in waiver can help cap the deductible you will pay in the event of a major loss.
Here’s how the best manufacturing insurance options add up
Whether you manufacture automotive parts, die cutting parts, food products, vending products or other products, manufacturing insurance is a business cornerstone.
From idea to prototype mould to actual manufactured product your employees must safely and expertly manage multiple steps. They also use expensive tools and equipment every day. Warehousing, packaging and shipping also add layers of risk and complexity. And that’s before any consumer gets to buy and use your products. Understanding options and putting the best insurance in place for your manufacturing business is critical to your success.
Across Canada, we understand the market and where to find the best manufacturers insurance in Canada. To get the process rolling, we’ll need information about your manufacturing business operations, locations, risks and more. Across Canada, our team of expert insurance brokers is ready to help connect you to the best manufacturers insurance options.
An ALIGNED broker can help you get a manufacturers insurance quote
Ready to start the process of getting manufacturers insurance? Our expert commercial insurance brokers are here to help you to determine the commercial coverages your specific business needs.