Safety is always going to be a priority in the workplace, but accidents still can happen. Insurance provides that all-important protection for your facilities and staff in the event of an incident. The risk is even greater for a small business that may feel as though one claim could send their books spiraling. Here are some tips to keeping your manufacturing business safe with an insurance policy that fits your entity’s needs.
Professional Indemnity Insurance
When shopping for business insurance, it’s important to understand your business’s insurance needs when shopping for quotes. One of the primary coverages that you should look into is known as professional indemnity insurance, which is designed to help respond to claims against a business for losses brought on by negligence. PI insurance can also help with legal costs associated with responding to or managing claims covered by your existing insurance policy.
Professional indemnity coverage reduces the risk of people making mistakes in your small business. This coverage works similarly to other third-party insurance products. If you’re involved in an incident that can link to a breach of professional responsibility, professional indemnity insurance can help ensure that you don’t have to pay all of the resulting compensation directly.
Personal Accident Insurance
A work-related injury can be minimal, or so severe that it can knock an employee out of commission and lead to them being placed on workers’ compensation. Personal accident insurance is a business insurance coverage that provides employees with a weekly income for a set period of time. This additional coverage can cover any injured party under a single policy whether they wrench their back or require surgery or a significant workplace injury. You can choose to cover loss of income due to injury, illness, or both. Some insurance companies will offer additional coverage that includes death benefits, disablement benefits, and even business expense coverage.
An employer should have workers’ comp insurance to cover themselves as business owners and their employees against financial hardship. Income protection or disability insurance will cover part of normal income, while life insurance will provide a lump sum or series of payments for a death on the job. Some life insurers may also allow payment for permanent injuries.
Business interruption insurance or loss of profits covers you if your business suffers from property damage brought on by a fire. This will help a small business continue operation, while management liability insurance will cover personal assets if the damage is done through fiscal or unethical means by an employee.
Public Liability Insurance
Business success can be cut short by a claim from a customer, supplier, or member of the general public that they were injured by your product. That’s where public liability insurance protects businesses financially from allegations of harm or property damage sustained as the result of negligent business activities.
The landscape of manufacturing is under a watchful eye more than ever because of COVID-19 protocols, requiring spacing on the operating floor to maintain social distancing. This has also led to a lesser chance of work-related injury with employees not directly on top of each other. A wide variety of industries are also seeing fewer humans on the floor as a result of vast developments in manufacturing technology.
Products like a shrink sleeve applicator can help to remove clutter brought on by large masses of property. These portable takes on room-sized steam tunnels take up half the space to operate than an average shrink sleeve machine with speeds comparable to the largest industrial units for sleeving containers. These sleeve applicators are designed to not only provide discounts on energy costs but get your manufacturing floor up and running almost instantaneously.