Four Basic Insurance Options For Manufacturers
Are you looking for NJ manufacturers insurance? While there are many coverage options available on the market, there are a few that are critical to maintaining successful operations. Here are four coverages that will serve as the foundation of your new policy.
General Liability Insurance
General liability is there to protect you in case a third party suffers an injury or property damage because of your everyday business activities. A simple example of where this would come into play is a guest getting injured in your factory and filing a lawsuit. Your policy would cover your legal fees as well as any other expenses associated with the case.
Professional Liability Insurance
Professional liability protects you in instances where a third party claims that an error on your part caused them to experience losses. An example of this is a client claiming that a part that you created for them is faulty and causing them to lose out on revenue because it’s unusable in their operations.
Property insurance will pay to recover your business property in case they get damaged or destroyed by certain events. Storms, fires, vandalism and theft are usually covered under most policies.
Worker’s Compensation Insurance
In such a high-risk environment, you must carry workers’ compensation regardless of your state’s requirements. Your policy will cover any medical expenses and lost wages to your employees for any injuries they sustain on the job.
Hopefully, this helps to simplify NJ manufacturers insurance. Work with an experienced agent to craft a policy that meets your needs.