If you’re in the market for manufacturing insurance, but you don’t know which types to purchase, here are three important plans you may want to consider.
1. Manufacturers Errors and Omissions
Errors and omissions insurance, also known as professional liability in some industries, protects you and your employees from intentional and unintentional:
- Product malfunctions
- False advertising
- Misleading consultations
This insurance helps cover court costs, legal fees, client charges and other liabilities associated with mistakes and neglect.
2. Commercial Automobile
Commercial auto insurance covers your employees and property while on the road. Standard coverage includes:
- Bodily injury
- Property damage
- Medical payments
Coverage also extends to passengers in company vehicles and employees who use their own vehicles for business purposes. If collisions occur with uninsured motorists, your drivers and property are still protected.
3. Executive Liability
Directors and officers of your company need a certain type of protection. If legal claims are filed against them or investigations and penalty fees accrue, you want to be prepared to handle all costs without dipping into your reserve funds. Executive liability insurance keeps your business running normally while all issues get resolved.
Check Your Current Plan
Check with your manufacturing insurance provider whether your plan provides all the coverage you need. Consider extending your plan to protect you and your business from unforeseen events.