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Manufacturing Insurance Engineered to Protect Your Factory
Today’s manufacturers turn to technology. This improves efficiency in the building process and increases the reliability of their products. This is how you keep competitive in the manufacturing world. At Lackner McLennan and Erb and Erb we understand manufacturing. That’s why our manufacturers insurance policies keep pace with the changes to the manufacturing industry.
Adapting to Manufacturing Trends Means Your Manufacturing Insurance Must Adapt Too
As a manufacturer you know your clients have tight timelines and strict schedules. You must manage your equipment, your skilled employees, and your transportation costs to ensure you deliver top product to your clients.
The more complex your manufacturing business is the more responsive your Ontario manufacturing insurance policy needs to be. Most commercial insurance policies cover the basics, such as premises liability, otherwise known as commercial general liability, property insurance both in terms of real-estate and business equipment (computers, production, and more). Our Ontario factory insurance policies are built to meet the demands of today’s sophisticated factories.
Here are some important coverages for today’s manufacturers:
- Equipment Breakdown – Do you have key equipment your business relies on to function? What if that equipment broke down and you couldn’t meet the tight schedules of your clients? Equipment Breakdown coverage provides funds to get replacement machines up and running as quickly as possible so your factory can meet its commitments.
- Business Interruption – What if a fire hit your manufacturing plant and caused enough damage that you had to shut down the business for repairs? That would mean you couldn’t produce and you likely wouldn’t get paid. Adding business interruption coverage to your Ontario Manufacturing Insurance policy provides you with funds to last out the repairs so you can keep pace with bills and other expenses.
- Pollution and Environmental – Environmental laws are constantly being updated, provincially, nationally and internationally. Having a sound environmental or pollution insurance policy means if the worst case happens you have coverage to help with the clean-up costs of any commercial spills or leaks.
- Errors and Omissions – What if there’s a mistake in your manufacturing process that causes issues with a client’s production? No one wants to think about such a thing, but sometimes an error crops up and causes a lot of heartache. That’s why having errors and omissions coverage as part of your Ontario Factory insurance is a must have. E&O insurance provides peace of mind in case your manufactured product fails to perform to expectations.
- Directors and Officers – This provides protection to an organization’s directors and officers when a claim of management oversight is made. These types of claims can arise due to employee dismissals, shareholder frustrations and other significate management decisions.
- Product Liability – What if someone gets injured using your product? What if the injury is severe? You take pride in your products and work hard to ensure they pass all quality control initiatives you can devise. But, accidents do happen and your company could find itself on the wrong end of a law suit. With Lackner McLennan and Erb and Erb product liability is built into your Ontario Manufacturing insurance policy.
Get the Manufacturers Insurance Protection Your Business Needs Today
Don’t wait for a claim to make life difficult for you, your business and your employees. Get an insurance solution tailored to your business. Call the 800.265.2625 or fill out the quote form, and a Lackner McLennan and Erb and Erb commercial insurance expert will be in touch.
Lackner McLennan and Erb and Erb provide these informational articles to educate the public about insurance and investment related matters. This article does not substitute for broker advice regarding your specific insurance or investment needs. For a comprehensive strategy to tackle what you, your family, or your business, may need we invite you to speak directly to a broker who can guide you through all the options available to you.