According to the San Antonio Manufacturers Association, our city primarily makes four categories of products: transportation, equipment & metal products, materials & electricity, and diversified products. With such a variety of industries right in our own backyard, it’s important to ensure your business has the correct coverage. Most standard business insurance policies may not actually cover all of your business’s needs, specifically if you’re making and distributing products, which makes up a huge percentage of our city’s economy.
Business Insurance Needs
If you’re a business owner, you’ve heard us talk about your standard business insurance needs, like workers’ compensation and employer’s liability insurance, commercial property insurance, and business auto insurance. These are extremely important, but owning a manufacturing business means covering all of your bases for any situation and thinking outside your standard insurance box.
Being a Manufacturing Business Owner
As a manufacturing business owner, it’s important for you to consider a few specialized policies. For example, having coverage in a manufacturer’s selling price clause means that if something were to happen (a covered event), your payout will reflect the price you would have sold the product for – not just the price you paid for the raw materials. When an unfortunate event can happen at any moment, it’s important to know that you are fully covered, and not just for your initial investment and loss.
Have you heard of errors & omissions coverage? This goes beyond the usual business insurance in that it protects your business against claims of property damage and injury caused by your products. In recent years, lawsuits have become prevalent for clients accusing a product of causing injury or damage. Having the added drama and stress of a lawsuit is no joke, but having this coverage means being able to take a deep breath and feel protected again litigation. This policy also adds coverage for claims of financial losses, so you’re absolutely covered and free from worry.
Another manufacturer’s worry is being forced to face a product recall. Having product recall insurance means that if you’re forced to recall a product because it might cause harm, you’re covered in the costs of getting the product back to your business and its safe disposal. Some policies even cover legal costs or public relations expenses, which we knew can cost hundreds of thousands of dollars, whether you “win’ or “lose” a lawsuit. After the damage has been done, your business will face expenses that could sink an operation and take away thousands of San Antonio jobs if you’re not properly covered.
Owning a business is undoubtedly stressful, but having the correct insurance can really take a huge weight off your shoulders. Your business should be focusing on growth and having a safe and successful environment for your employees – not litigation expenses and loss. Focus some time this month to discuss your manufacturing business insurance needs with one of our knowledgable agents. It’s our job, and pleasure, to walk you through your variety of options that work best for your company. San Antonio continues to be a successful manufacturing city, thanks to hard-working businesses that are essential to our economy. Keep that tradition alive by protecting your business.
In case you missed it: “Tax Return Season Calls for Home Improvements and Contractor Insurance” has the breakdown on contractor’s insurance, and how the home improvement season is about to ramp up, which means your insurance needs are too. Call an agent, or even email us, to talk through your best options for important business coverage.
