Manufacturing Business Insurance Cost
Manufacturing Business Insurance Cost
Manufacturers business insurance cost fluctuates depending on the type of manufacturing business you own. InsuranceTrak is in the business of providing low cost manufacturing insurance to small and medium sized businesses. Below is a general outline of manufacturers business insurance costs for the manufacturing industry across the country.
Insurance for manufacturing companies
If you're looking for low cost insurance for manufacturing companies, look no further. For years now, InsuranceTrak has been specializes providing a wide array of different manufacturers insurance for their small business. Whether you're a wood products manufacturer, plastic goods manufacturer, or any other type of manufacturer, we have the expertise to guide you through the murky waters of business insurance needs for your manufacturing company.
Risk management for a manufacturing company:
There are a number of risk management controls that a manufacturing company can put in place:
- Privacy Statement
- Information Security Policy (you can find some great templates for Information Security policies on SANS website)
- Customer Contract Revision Provisions
- Standard Customer Contracts
- Standard Agreements for Vendors
- Recall Plan
- Vendor Certification Process
- Quality Control Program
- Obtaining Customer signatures on each phase of the project.
But just having all these controls in place isn't enough. Sure they'll help you from preventing potential claims or lawsuits, but these days you can pretty much be sued by anyone for any reason. Next, we'll help you to identify some of the potential claims that could arise and how your insurance coverage would protect you in the event of a claim. We'll first look at the common types of manufacturing business insurances. Then, we'll look at potential claims and how these different business insurances can protect you.
Types of business insurance for a manufacturing company:
Below is a list of common types of business insurances:
- General Liability Insurance. This insurance covers your business against claims for bodily injury and property damage. When adding property coverage to a General Liability policy, this is often referred to as a Business Owner Policy or BOP insurance. There are many facets to BOP insurance. General Liability protects your small business from injury or damage caused by your employees cause or injury to 3rd parties while on your premises. Often a BOP will include products and completed operations liability insurance which helps to protect from injury or damage done by your products or completed operations once they are out of your control. There are many other coverages that can be afforded by having a business owner policy like commercial auto insurance, commercial property insurance and even loss of income insurance.
- Commercial Auto Insurance. As a business owner, you need the same kinds of insurance coverages for the car you use in your business as you do for a car used for personal travel -- liability, collision and comprehensive, medical payments (known as personal injury protection in some states) and coverage for uninsured motorists. While the major coverages are the same, a business auto policy differs from a personal auto policy in many technical respects.
- Workers Compensation Insurance. Workers Comp covers the medical and lost wage costs (similar to disability) when an employee suffers a work-related injury or illness. There is also another part of Workers Comp that doesn't come up often in discussion which is Employers Liability Insurance. Workers Comp is generally required in most states if your business has any employees. Depending on what state you start your manufacturing company in you might be required by law to carry Workers Comp insurance even if you have only one employee.
- Professional Liability Insurance. Professional Liability insurance is also referred to as Errors and Omissions insurance or E&O insurance. This insurance provides coverage in the event that a business is held legally liable for damages which are cause by your improper advice or negligence.
Average cost of manufacturers business insurance
The average cost can be as low as $400 to $500 per year for only business liability insurance. If that same business wants to add business property insurance, then they can often package the insurance into a business owners policy or BOP which can cost as low as $550 per year and up to several thousands of dollars per year depending on the value of property insured and other characteristics of the business.
Types of manufacturers business insurance
Once a business adds employees its costs can start to go up. Most states require a business to carry workers compensation insurance if they have any employees at all. Workers compensation can cost as low as a couple hundred dollar per year to tens or even hundreds of thousands of dollar per year for larger operations. If the business owns vehicles then it will need to pay for commercial auto insurance which may cost around $800 per vehicle on average. And if a small business provides professional advice and services then it may need professional liability insurance which can cost as low as $400 per year but on average around $1500 per year.
Below is a list of common manufacturing businesses across the country that will link to more specific information about manufacturers business insurance costs for each type of manufacturing business:
- Air Conditioning Manufacturing business insurance
- Audio, Video & Photographic Equipment Manufacturing business insurance
- Bakery Products Manufacturing business insurance
- Clock & Clock Parts Manufacturing business insurance
- Clothing Manufacturing business insurance
- China, Porcelain, and Pottery Manufacturing business insurance
- Cutlery Manufacturing business insurance
- Durable Good Manufacturing business insurance
- Electrical Appliances Manufacturing business insurance
- Furniture Manufacturing business insurance
- Glassware Manufacturing business insurance
- Leather Manufacturing business insurance
- Lighting Fixtures Manufacturing business insurance
- Metal Good Manufacturing business insurance
- Metal Goods Manufacturing - Bolts, Nuts & Rivets business insurance
- Metal Goods Manufacturing - Dies, Jigs & Fixtures business insurance
- Metal Goods Manufacturing - Fasteners, Buttons, Needles & Pins business insurance
- Metal Goods Manufacturing - Plumbing Fixtures business insurance
- Metal Goods Manufacturing - Wire & Nails business insurance
- Mold Manufacturing business insurance
- Musical Instruments Manufacturing business insurance
- Plastic Good Manufacturing business insurance
- Plastic Goods Manufacturing - Bottles business insurance
- Plastic Goods Manufacturing - Electrical Parts, Components or Accessories business insurance
- Plastic Goods Manufacturing - Eyeglass Lens business insurance
- Plastic Goods Manufacturing - Pipe business insurance
- Plastic Goods Manufacturing - Plumbing Fixtures business insurance
- Rubber Goods Manufacturing Insurance
- Screw Machine Products Manufacturing business insurance
- Wood Manufacturers business insurance
If you don't find your particular type of manufacturing business above, don't fret. InsuranceTrak can help just about any type of manufacturing business lower their business insurance costs. Give us a call or use our quote box above today so that we can help you find the best manufacturers business insurance cost in the market!
Manufacturing company insurance is just one of the many business types we provide business insurance services for.