A manufacturing business typically needs several types of insurance to protect against various risks. These may include:
General liability insurance: protects the business against third-party claims of bodily injury or property damage.
Product liability insurance: covers claims arising from defects or malfunctions in products manufactured and sold by the business.
Property insurance: covers damage to the business’s physical assets, such as buildings and equipment, due to fire, theft, or other causes.
Workers’ compensation insurance: covers medical expenses and lost wages for employees who are injured or become ill as a result of their work.
Business interruption insurance: covers lost income and expenses if the business is forced to shut down due to a covered event such as a fire or natural disaster.
Cyber Liability insurance: covers risks of data breaches, cyber-attacks, and other digital risks.
These are some of the common insurance types that a manufacturing business need. However, depending on the type of product, location and other factors the business might need some other specific insurance types as well.