Consider Protecting Your:
- Heavy equipment and industrial machinery
- Automotive parts
- Medical and pharmaceuticals
- Food products
- Metal fabricators
- Textiles and plastics
- Chemicals and solvents
- Construction products
- Consumer packaging
- Home furnishings
Protect Yourself From:
- Mistakes leading to lawsuits and damages
- Harm or injury caused by products you manufacture, sell, or distribute
- Production, manufacturing, and design defects
- Warning deficiencies and instruction manual errors
- Replacing or repairing broken equipment
- Hazardous materials disposal and pollution removal
- Cyber breach and stolen client data
- Bodily injury to visitors on your premises
- Injury or property damage caused by your employees
- Employment-related claims
- Burglary, vandalism, weather-related events
- Compliance with ordinances and laws
- Damaged, lost, or stolen business personal property
- Lost income from business interruption
- False advertising, slander, or libel claims
Is it important to have insurance specific for manufacturers, wholesalers and distributors?
Analyzing, designing and implementing a robust, comprehensive, and cost-effective insurance and risk management platform for Manufacturers, Wholesalers and Distributors requires a high level of familiarity with these industries. Any brokerage firm can get a “quote” and place policies that seem to address these company’s needs. However, far too often companies in these industries discover their program was lacking after a loss occurs due to the inexperience of the broker who designed the program. The correct questions must be reviewed with management prior to the insurance being placed and it is only industry specific experience that will determine the caliber of these all-important questions. The Team at World Insurance Associates have been insuring Manufacturers, Wholesalers and Distributors in virtually every industry from Nutraceuticals to paper goods for more than 50 years. Our colleagues are industry specific, seasoned and proven.
What kinds of insurance policies and specific endorsements should companies in these segments be looking more closely at?
Business Income. When was the last time your agent revisited your Business Income worksheet with you? Was your Peek Season Endorsement done properly? Should your center of operations become non-functional due to a fire, flood or some other loss, will your current Property Policy pay your company the cost to temporarily relocate, meet payroll, and replace necessary machinery?
Are you prepared for another Super Storm Sandy-like occurrence?
Utility Interruption Endorsement. Many businesses in these sectors were caught unaware and were left with losses that could have, and in many cases actually did, put them out of business simply because their Commercial Property Policy did not include a little-known endorsement called Utility Service Interruption. This endorsement will insure a company for losses that stem from off premises power failure for example. This example is most relevant to Tri-State area business in that most of all electric power is supplied by overhead transmission lines. Most Commercial Property Policies either exclude losses from lack of power from overhead transmission lines, located off the actual premises, or limit the claims value on average to $50,000. A properly worded Utility Service Interruption Endorsement will insure that any losses caused by this type of loss will enable you to not only stay in business but thrive in a difficult environment.
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