Some might call Ohio the Rust Belt, but we’re also known as the Industrial Capital of the country. Whether you’re a small manufacturer in Wilmington or a larger corporation in Mason, you need insurance that works for your business.
In Ohio, Manufacturing Insurance is a set of policies designed for your unique business needs. When combined, they offer protection from the problems all companies face and those that are unique to the manufacturing industry. Here are some types of coverage you may need to protect your business at all turns.
General Liability Insurance
The most basic, yet essential insurance policy any manufacturing business needs is a general liability insurance policy. This policy protects you and your business in the event of property damage, bodily injury, or the costs associated with a lawsuit.
Without this form of insurance, you would be responsible for paying for any medical expenses or property damages incurred out of pocket — not always realistic for a business owner with a tight budget.
Product Recall And Replacement
Even the most efficient and OSHA-friendly plants will run into issues that could result in a product recall or replacement. When you must issue a recall, this form of coverage can help you weather the storm, giving you breathing room to soothe tensions with your customers or clients and get your press releases out to maintain your worthy reputation.
Employment Practices Liability Insurance (ELPI)
Even with the most careful hiring process, you may accidentally hire an employee who turns out to not be a good fit for your business. And while most termination cases are cut and dry, you might run into a situation where the former employee retaliates or tries to file for wrongful termination.
EPLI helps protect you and your business in the event of someone being accused of discrimination, retaliation, wrongful termination, or harassment by an employee or former employee.
Property Damage
Without your plant, your equipment, or your materials, you have no business so protecting your assets is vital in keeping your assembly line moving and your workers working. Property Damage coverage will protect your business in the event of fire, storms, theft, or other unforeseen perils beyond your control.
This insurance coverage can help you get up and running again so you can keep doing what you do best.
Business Income
Speaking of unforeseen accidents that could shut down your plant for an extended period of time … Business Income insurance can help you pay your vendors, employees, and contractors who are owed money during the event of a shutdown. Having this form of insurance can help you maintain those business relationships for when you’re ready to start producing again, too
Schedule A Free, No-Obligation Consultation
SFM Insurance is here to help you find the right coverage for your manufacturing plant — whether you’re a small plant in rural Ohio or a major corporation in one of Ohio’s big cities. Schedule a free consultation with us today and let us craft a policy specifically for your needs.
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