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Safeguard your Manufacturing Business to protect your assets and reputation.
Manufacturer liability insurance is essential for Canadian manufacturers as it provides coverage against potential financial losses arising from product defects, accidents, or lawsuits.
Click on one of the below topics to unpack your Manufacturer Business Insurance:
Also known as slip-and-fall insurance, Commercial General Liability (CGL) Insurance is a crucial safeguard for businesses like yours operating in the dynamic realm of manufacturing. It shields you from the potential risks that arise when interacting with third parties, such as customers or suppliers.
Claims of bodily injury or property damage can unexpectedly arise, posing significant financial threats to your business.
A CGL policy offers an additional layer of protection through product liability coverage. This indispensable feature shields you against claims alleging third-party property damage or bodily injury caused by products your business manufactures, distributes, or sells to consumers.
Product liability damages can encompass design, manufacturing, or even marketing defects, such as incorrect labels or inadequate safety warnings. It is important to note that product liability coverage cannot be purchased separately, making it an invaluable inclusion within the comprehensive CGL Insurance package.
As a manufacturer, your warehouse is the heart of your business, storing and safeguarding the products you work hard to create. Providing the protection you need for your physical location and its valuable contents, you can rest easy knowing that your manufacturing facility is shielded from a range of insured risks that are beyond your control.
In the unfortunate event of a fire, theft, or flood, this comprehensive coverage safeguards the physical location and contents, including your inventory, machinery, equipment, and office supplies.
What happens if your machinery or industrial equipment unexpectedly breaks down? The costs of replacement not only eat into your profits but also disrupt your operations, pushing back deadlines and causing unnecessary stress.
With Equipment Breakdown Insurance, you can safeguard your manufacturing business from unforeseen events that could cripple your progress. This insurance coverage provides financial assistance to replace the equipment so you can focus on what you do best – growing your business.
Manufacturers’ E&O insurance goes beyond traditional coverage as it may cover legal defence costs and damages from professional services, products, media, and advertising activities.
By including this specialized insurance as part of your overall policy, you can shield your business from potential lawsuits that allege neglect, misconduct, or failure to deliver products or services as promised.
Your ability to work and earn a living is vital in the fast-paced manufacturing world. But what if an unexpected injury or illness prevents you from doing so?
That’s where Disability Insurance comes in – a comprehensive coverage designed to protect you and your income when you need it most.
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What is Manufacturing Insurance?
Manufacturing insurance policies provide extensive coverage for the various risks manufacturers encounter throughout the production process, from raw materials to the final products. A typical policy may include coverages such as:
- Manufacturers’ E&O insurance
- Commercial general liability (CGL)
- Property liability insurance
- Equipment breakdown coverage
- Crime insurance
- Cyber liability insurance
What industries need Manufacturing Insurance?
- Beauty cosmetic producers
- Chemical production
- Clothing and textile products
- Food and beverage manufacturers
- Mineral and metal fabrication
- Plastic and rubber manufacturing
- Wood products and furniture
Product liability vs product recall: what is the difference?
A product recall can be costly and have a detrimental impact on your company’s reputation. On the other hand, product liability insurance covers expenses related to bodily injuries or property damage caused by your product to third parties.
Product recall insurance, however, may cover the operational expenses associated with recalling a product, such as advertising the recall, shipping and disposal costs, as well as the costs of replacing, repairing, and redistributing the product.
With Manufacturing Insurance, you can confidently face the challenges of your industry!
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