Top 5 Questions on Manufacturing Insurance
1. What is the best policy type for Manufacturing Insurance? Depending on the size of the business and what you are manufacturing, you can structure your insurance policy on a businessowners policy or commercial insurance package policy. Our goal would be to structure your business with the best coverage at the best value.
2. What insurance coverages do Manufacturers need?
3. How are manufacturers rated on their insurance policy?
Each line of business may use a different factor to rate off of. Also, certain carriers may use gross sales, occupied area of a building, or employee payroll to rate off of. The best practice when getting quotes on any line of business is to ask how you are being rated. Especially with a manufacturer insurance policy, you want to make sure that you are being rated correctly. Therefore, there are no surprises if you have an audit or claim situation.
4. What will change in manufacturing insurance soon?
With the advancement in robotics and beginning stages of machine connectivity, data collection, and big data analytics in the manufacturing industry, there is no limit to where sensors can be installed and what data can be provided. This will lead to a safer work environment, increased efficiency, and more productivity. For your employees, this hopefully will create a safer workplace and therefore decrease some premiums based on safety and changing how they are rated from a more expensive “class code” to a less expensive “class-code.”
5. Can Lester, Greene, and McCord Insurance insure large manufacturing companies?
Yes. We have the expertise and coverages to adequately insure large manufacturing plants, yet we understand the market demands of very small operations. With many of our carriers, we can offer risk transfer services, loss control services, and safety programs that should not only benefit the large manufacturer but should help all businesses, regardless of size.
2. What insurance coverages do Manufacturers need?
- Commercial Property
- General Liability
- Commercial Auto
- Commercial Umbrella
- Workers Compensation
- Directors and Officers
- Employment Practices Liability Insurance
- Bonds
- Inland Marine
- Cyber Liability
- Professional or Errors and Omission Insurance
- Equipment Breakdown
- Crime
- Pollution
- Employment Benefits
- Product Liability
3. How are manufacturers rated on their insurance policy?
Each line of business may use a different factor to rate off of. Also, certain carriers may use gross sales, occupied area of a building, or employee payroll to rate off of. The best practice when getting quotes on any line of business is to ask how you are being rated. Especially with a manufacturer insurance policy, you want to make sure that you are being rated correctly. Therefore, there are no surprises if you have an audit or claim situation.
4. What will change in manufacturing insurance soon?
With the advancement in robotics and beginning stages of machine connectivity, data collection, and big data analytics in the manufacturing industry, there is no limit to where sensors can be installed and what data can be provided. This will lead to a safer work environment, increased efficiency, and more productivity. For your employees, this hopefully will create a safer workplace and therefore decrease some premiums based on safety and changing how they are rated from a more expensive “class code” to a less expensive “class-code.”
5. Can Lester, Greene, and McCord Insurance insure large manufacturing companies?
Yes. We have the expertise and coverages to adequately insure large manufacturing plants, yet we understand the market demands of very small operations. With many of our carriers, we can offer risk transfer services, loss control services, and safety programs that should not only benefit the large manufacturer but should help all businesses, regardless of size.