Why Manufacturers Need All Types of Coverage
There’s no doubt about it those who are in the manufacturing business are doing brisk business (to the tune of more than $239 billion in 2013) and helping to fuel California’s economy. According to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, such firms in the state represent slightly more than 10 percent of California’s total output, and 8 percent of the states labor force with more than 1.25 million employees in the sector based on 2014 reports. These numbers all point to the growing need for manufacturers insurance in Long Beach to keep pace with the growth of the industry and the variety of risks and sources of liability to which these companies are exposed in the course of their daily operations.
Core coverage includes the basics
Most companies that fabricate and manufacture (especially small firms) will have programs that include policies that cover the essentials business liability, business property, and business income in many cases, bundled into a business owners policy that can offer savings by combining the protection into a single instrument. From there, a firms program can be rounded out with one or more other coverages based on addressing the risks that the company faces, such as equipment breakdown; workers compensation; commercial automobile; manufacturers errors and omissions; executive liability; or even foreign liability, kidnap and ransom.
A la carte, anyone?
You can add these standalone coverages as needed. The question of whether you need them or not, though, may not be obvious. That’s why it is a good idea to work with a professional insurance agent who is skilled in comprehending the often complex language that is often found in these policies, because he or she can analyze the terminology to help you recognize where gaps in your coverage exist between one policy and another, and close them handily. The agent can also identify duplications in coverage, and obtain quotes from top-rated providers to make certain that not only are you getting what you paid for, you are paying a reasonable amount for it and the company from which you’re buying it has the strength and ability to make good on any claims that may arise. Talk to a professional agent today to learn more about manufacturers insurance in Long Beach.