No matter what line of manufacturing you’re in, from food and beverage to metals and plastics, your business faces unique risks and that’s in addition to the typical issues most businesses deal with such as property damage or losing important records and files.
Almost all manufacturing businesses have the need for basic manufacturing insurance. Why? Think about the endless exposure manufactures face – Highly specialized machinery can take months, or even years, to replace; managing global suppliers presents the possibility of counterfeit parts entering the supply chain; skilled labor can be hard to find as many experienced employees may be nearing retirement. One of the biggest threats you face as a manufacturer is fire. According to the National Fire Protection Association, fires result in $1 billion in annual losses for manufacturing properties every year. There are also a variety of other threats such as weather, natural disasters, theft, vandalism, a breakdown of equipment and machinery and employee injuries just to name a few.