Manufacturing Insurance Brokers in Edmonton
In periods of economic uncertainty, with local markets intersecting with global interests more and more, measuring outcomes has become a source of anxiety for most businesses. If you throw factors like industry regulation, changing safety measures, an inconsistent consumer base, mechanical breakdowns, international competition, market fluctuations and the potential for legal action in the case of a faulty product – manufacturing and distribution companies need protection from the unexpected more than ever.
Our manufacturing insurance brokers know how to keep your business protected against the risks that go with manufacturing and distributing products that could be enjoyed across Canada and even around the world.
What is Manufacturing Insurance and Who Needs it?
As a key industry in Canada, manufacturing contributes significantly to our economy, provincially and federally, and it takes a variety of jobs to make this work possible. It is critical to protect your business’s long-term success by having manufacturer’s insurance in place to address issues such as workplace injuries, equipment failures, cyber risks and distribution disruptions.
Regardless of your company’s size, manufacturers insurance can help reduce the impact of these risks. At Rogers McLean Shaw our experienced manufacturing insurance brokers will work with you to develop a policy that meets the needs of your business. We work closely with you to ensure that your manufacturer’s insurance best reflects your company and products.
Manufacturers Insurance Coverage Options
Here’s an example of what a manufacturer’s insurance package can include:
- Commercial General Liability – covers property damage, injuries and potential legal expenses caused by negligent acts by yourself or an employee.
- Commercial Auto – it is mandatory for all vehicles in Alberta to have insurance. This coverage must include third-party liability, which helps cover your expenses if you or an employee is an accident that causes property damage or injuries to another person.
- Property Insurance – protects your businesses physical assets that include equipment, tools, inventory, materials and more.
- Equipment Breakdown – since most equipment breakdowns aren’t under regular property insurance coverage, equipment breakdown insurance ensures that you will have coverage for repairs and replacement if something breaks.
- Business Interruption – if you are forced to stop operations due to unforeseen circumstances, this coverage can help you by providing funds so you can continue to pay the essentials while you wait for the work to continue.
- Crime Coverage – this coverage isn’t usually part of a normal policy, and it protects you from crime that is related to running your business. It includes fraud, misrepresentation, theft and other crimes.
- Product Liability – you can be held liable if a product that you manufacture causes harm to someone or their property.
- Product liability coverage helps you cover legal expenses and damages for any potential lawsuits.
- Product Recall – often paired with product liability, product recall insurance will help you recover the costs affiliated with recalling a product.
- Pollution Coverage – This coverage can help you cover legal expenses if the manufacturing process for one of your products causes pollution resulting in harm or property damage.
The Importance of Product Liability and Product Recall Coverage
Whether your company makes potato chips or builds the mechanical parts needed for jobs on oil rigs – product liability and product recall coverage is necessary if the use of your product results in personal injury, property damage or death. Product liability coverage can be added as part of your general liability insurance policy and tailored to the types of risks your company may be exposed to.
Anyone who has had to return a recalled product has gotten a small amount of insight into how complex a product recall can be. Often logistically intricate and expensive, product recalls can also be damaging to a company’s reputation. Product recall insurance can help with the operational and the reputational re-branding costs associated with a recall.
Do Manufacturers Need Professional Liability Insurance?
Professional liability insurance – also known as errors and omissions – covers a manufacturing mistake or negligent service that results in a third-party loss without property damage or bodily injury.
If a customer alleges that you didn’t perform services outlined in a contract, were negligent or provided a product that failed, they may potentially seek to recoup their financial losses through litigation. Professional liability insurance will help cover the customer’s financial impacts and your legal costs.
Risk Management for Manufacturers
Proper risk management is essential for a well-run business. The first step you need to take is to identity potential hazards within all levels of the organization. Second, you should develop processes for minimizing or eliminate these dangers. Finally, enforce risk management through continuous documentation, supervision, employee training and evaluation.
Developing a plan of action before you need it can save you a lot of headaches down the road. Having a response plan can help reduce the impact of an important event like a product recall or emergency.
Of course, the right insurance policy is there to help you recover when you can’t prevent something bad from happening.
Why Rogers McLean Shaw?
Rogers McLean Shaw takes manufacturing to heart, especially when talking about businesses owned and operated by people who have a passion for what they produce.
Our manufacturing insurance brokers know how to keep your business protected against the risks that go with manufacturing and distributing products that are utilized across Canada and around the world. We stay current with changing conditions in manufacturing to make sure you get the risk-management assessments necessary to customize the ideal package for your business.
We’ll include the basics such as general liability, property and assets from buildings and machinery to vehicles, employee benefits, liabilities, and everything in between.
As a partner of Rogers Insurance Group of Companies our team has access to international markets and can help ensure the risks surrounding large- and small-scale distribution overseas will be properly assessed.