Liability Insurance
Business owners face unique risks that could land them in legal trouble. With our industry expertise and a substantial network of top brokers, we can help protect your company with the right liability insurance.
Metal Manufacturers’ Insurance
As other industries evolve, metal manufacturing must evolve, too. Changes in construction equipment, manufacturing machinery, and infrastructure design are ongoing, and they bring a host of new opportunities to tool and die makers, structural steel and sheet metal manufacturers, and other metal working professionals.
These opportunities can be rewarding – as long as you protect against the risks.
What kind of coverage do metal manufacturers need?
We’ve compiled a policy to address the challenges, concerns, and demands of metal manufacturers at each step of the way.
When can manufacturers’ insurance come to your rescue?
Not only does your business rely on your equipment, but the part you make must fit seamlessly into the final product, or else you could be on the hook for a loss. Basic coverages, like Commercial General Liability (CGL), Property, and Auto insurance are important, but other circumstances can call for more specialized coverage to address the range of tasks, risks, and responsibilities that metal manufacturers face.
Need more? No problem.
We have some automatic extensions too, like Product Recall Expense, Negative Publicity, and Research and Development Restoration Expense.
Coverage that fits the mould (and pattern)
Working with expensive moulds, dies, forms, and patterns can be risky, especially when you subcontract one part of the project to another firm.
If you’re a stamping plant that receives dies from a customer, lends them out to another operation to use in the manufacturing process, and a fire destroys the dies while they’re at that site, you could be responsible for the hefty replacement cost. Moulds and Patterns coverage can help cover the loss of this costly equipment, whether the tools belong to you or you’re simply responsible for their safety.
Accidents can happen – be ready for them
Manufacturing can be complicated, and even careful workers may slip up now and then. For instance, if the bicycle handles you produce don’t fit as they should in the finished bicycle, the product will likely be unsellable, and you could be held liable for a significant amount of lost income resulting from the production delay.
Errors and Omissions (E&O) coverage can help you stay financially sound. If your faulty bicycle handles make the final bikes unsellable, E&O would help cover the third party’s loss of income that came from your error.
Cybercrime can cause chaos
Manufacturing businesses are top targets for hackers, and as technology advances, accidental data breaches are more common than you may think. Consider this: an employee at your light metal products company accidentally downloads a virus, and critical data in your business’ integrated computer system is corrupted. Are you in a position to recover from the setback?
Our Cyber Risk policy will help you here. It can help cover the costs to restore the damaged data and lost income if your operations had to shut down. This coverage also protects against losses resulting from network security breaches, privacy breaches, and internet media liability, plus policyholders have access to a consultation from a leading data risk management provider at no additional cost.
Managing Risk
We know that the risks your metal manufacturing business faces are different than the risks affecting other manufacturing businesses. We also believe that you can help to defend against your unique set of risks with the right information and some smart guidance.
Our value-added services focus on helping you identify and mitigate the risks your business faces each day. An assessment of your protection systems, hazardous materials, and best practice risk control measures can help uncover the inherent risks associated with the equipment and materials you use. In-person consultations carried out by experienced risk services professionals can leave you with the knowledge and confidence you need to protect every aspect of the business you’ve worked so hard to build.
Resources for Manufacturing
Business Interruption Insurance
Have you considered what would happen if something caused you to close up shop or suspend production for a while? Are you sure your business could survive the setback? Learn why business interruption insurance is so important to keep your company going.
A guide to building an emergency contact list for your business
Uh oh. A power failure has just shut down your shop during a crucial production run. Or maybe a midnight flood has left your office