Category: Product Liability Insurance
Distribution of goods takes place by means of various channels, and its the intermediaries that are generally the independent groups (or organizations) within these channels that make it possible for products to be made readily available for consumption. Occasionally this results in some items experiencing loss or damage, and loss or damage of goods needs protection through supply chain insurance programs.
Intermediaries are the reason why companies are able to deliver their products to the end user without the need to own the whole supply chain. They also serve the vital functions of reducing transaction costs, and pooling and diversifying any risk involved.
Transit risks can include all types of incidents
Insurance for cargo and freight covers a variety of hazards, including rough handling of goods, theft or non-delivery, jettison (the act of casting goods from a vessel or aircraft to lighten or stabilize it), collision, and natural disasters, to name a few. Having proper coverage is essential in order to offset losses and keep clients satisfied.
There are four main types of intermediary: agents, wholesalers, distributors, and retailers.
A firm may have as many intermediaries in its distribution channels it chooses, or it can have no intermediaries at all, through direct marketing. Agents or brokers act as an extension of the manufacturing company whose main job is to represent the producer to the final user in selling a product. Unlike agents, wholesalers take title to the goods and services when they act as intermediaries. They’re independently owned, and own the products they sell.
The difference between distributors and wholesalers is that distributors align themselves to complementary products. For example, distributors of one name-brand product will not distribute a competitors products. This way they can maintain a close relationship with their suppliers.
Finally, retailers can be small independent operators, such as mom and pop stores, or large chains like Walmart. Whatever their size, retailers purchase products from market intermediaries and sell them directly to the end user for a profit. For those intermediaries who fail to deliver on time, or experience an incident that results in a loss of cargo, your client needs supply chain insurance programs to help cover such losses.
Today the hospitality industry is thriving and full of excitement and challenges. But there are risks associated with providing a location for a multitude of people to spend extended time for a fee. This means that you can be held liable for a slew of issues that could arise, from a slip and fall by the pool, to a food borne illness while dining in your establishment. Certainly a lot of things can and possibly will go wrong.
As a hospitality owner, a person or business can even be named in a lawsuit for an incident that occurred off premises, or simply if circumstances bear out that there was some connection to the establishment. If you contact a New Mexico Insurance Agency you can likely purchase hospitality insurance that can provide you with peace of mind and the assurance that you will be protected in the event that an incident results in an unexpected claim.
Insurance is easy to acquire and readily available
There are a number of companies operating in the area that offer hospitality insurance in comprehensive policy packages. The amount of the cost for coverage will usually be determined by the size of your business. The comprehensive coverage that you can purchase will, of course, vary from provider to provider.
Whether you run a hotel, social club, restaurant or tavern, you need to have coverage for injuries, damages, and other unforeseeable events. You’ll want to include commercial property insurance, general liability coverage, liquor liability (if you serve alcoholic beverages), loss of income, and umbrella insurance for added protection. There are other policies available and a reputable agent can go over your particular exposures and help you tailor a package to fit your precise needs.
When it comes to your business, it is likely your greatest investment and you need to protect it. Just one lawsuit related to your operations could spell financial disaster, as this is just the type of occurrence that can ruin or bankrupt a small business and significantly cripple a medium or large size business. This is why an investment in coverage provided by a New Mexico Insurance Agency is actually low compared to the cost that you will encounter if you don’t have it and end up facing a costly claim.
As a manufacturer in California you are responsible for creating products that improve the economy. Because of the unique risks and challenges associated with being a manufacturer you need to be equipped with the right coverage. Learn more about the insurance you need including California product liability insurance.
Why Is Product Liability Important?
You’re probably quite aware that liability needs are unique for those in the manufacturing industry. When it comes to manufacturing products you should be prepared for the possible risks associated with the process. Your products may cause property damage or bodily injuries. You could also be at risk for a lawsuit regarding products liability. Speak with an agent and your situation will be addressed and you can receive custom California product liability insurance.
You probably need more than just liability coverage. These are a few areas you might want protection as well.
- Errors & omissions
- Property insurance
- Equipment breakdown
- Workers’ compensation
Don’t hesitate to get insurance for your manufacturing career. Leaving yourself unprotected could lead to unnecessary complications and lawsuits. This could lead to financial insecurity. When you’re properly covered by an insurance agency that has years of professional industry experience then you’ll be more confident. Consider getting California product liability insurance for yourself today.