Iowa Manufacturing Insurance
When you operate a manufacturing or distribution business, you have a lot to manage. You have to make sure assembly lines are functioning as they should be and employees are where they need to be when they need to be there. The last thing that you may have on your mind is Manufacturing Insurance, whether your business has adequate protection.
It does not matter if you own a wood shop, machine shop or printing company, Knapp Tedesco Insurance can provide you with an insurance policy that is tailored to the requirements of your particular business.
Highly Recommended Coverage
The manufacturing industry is complex; involving intricate operations that often put the assets at risk. The challenges that manufacturing business owners face on a daily basis are unique to say the least. In addition, these challenges vary depending on the scope, size and nature of business.
Each business in the industry has different processes, such as storage, procurement, exporting, shipping and production, each of which with its own set of unique risks. Mismanagement and mishandling of operations or simple negligence can lead to an incident that has a significantly negative impact on the company's revenue.
In order to understand just how important it is to invest in Manufacturers Insurance, it is important understand the most common risks associated with the industry.
- Damage or Loss of Raw Materials - Manufacturing companies maintain a large inventory of raw materials, goods in process and finished products. Incidents of theft, fire or natural disaster can lead to significant loss of material, and the right Manufacturing Insurance can help to mitigate these types of losses.
- Breakdown or Damage to Machinery - Your company likely uses expensive mechanical equipment that may be exposed to short circuits or faulty operation, which would cause serious damage. The replacing or repairing damaged equipment often involves an interruption to production, causing the company severe financial burden.
- Business Interruption - Several different unexpected events could lead to the interruption of your business operations, such as machinery breakdown, theft and natural disasters. Any of these things can create significant business interruptions.
- Claims of Liability - Several types of third-party claims may create major issues for your business at any given moment, such as Workers Compensation claims, product liability claims and public liability claims. It is easy to overlook the need for product liability until the mishandling or negligent use of your product causes injury or property damage. Once this happens, the injured party is likely to take legal action. This will not only lead to financial loss but also damage the reputation of your company.
A number of companies in Iowa's manufacturing industry are becoming more proactive these days with the implementation of Manufacturers Insurance and other risk management procedures. Accidents can happen at any time though, regardless of precautionary measures.
The most important way to protect your business is with an insurance policy that protects your business through Knapp Tedesco Insurance. We will evaluate the needs of your company and customize a Manufacturers Insurance policy that will protect you from building damages, legal action and even the loss of your personal business property.
Any minute now, an employee could become injured while on the job, a product of yours could injury a customer or a fire could break out on your premises. It only takes a few minutes to complete and submit a quote form. Spend your days focusing on running your business and let us focus on protecting it.