Manage Risk at Every Stage of the Manufacturing Chain
Usually, in the manufacturing sector, profits come at the margins. To make money, then, companies must reduce expenses at every stage of the manufacturing chain. They also must successfully manage a litany of business risks and legal challenges. By purchasing comprehensive Orlando manufacturers insurance, smart business owners address risk throughout the production process.
Manufacturers can spend a fortune on buildings, warehouses, equipment, and personnel even before they produce a single item. To protect business interests during the first phases of production, manufacturers opt for the following types of insurance protection:
- Property Insurance
- General Liability Coverage
- Workers Compensation Protection
While these forms of coverage are essential at the inception of the manufacturing process, savvy business owners recognize the need to carry adequate coverage throughout the business venture.
Once production hits peak performance, business risks change somewhat. Rather than focusing exclusively on company assets and property, business owners must protect raw materials and post-production inventory. To do so, manufacturing managers often purchase the following coverage:
- Pollution Liability
- Product Liability
- Product Recall
By purchasing manufacturing process coverage and errors and omissions coverage, manufacturers manage risk and ensure business continuity.
For complete Orlando manufacturers insurance coverage, business owners must protect their products from post-production but pre-sale damage. To do so, they often opt to purchase Manufacturers Selling Price coverage. With this insurance, insurers reimburse loss at sales value rather than manufacturing cost. By adopting a comprehensive risk management strategy, then, manufacturers get the protection they need at each phase of the manufacturing process.