A manufacturer and/or processor faces a variety of unique risks that can easily be mitigated with the proper insurance coverage.

With regulations continually changing, product liability is very important for manufacturers and processors. There is always the risk of a faulty product or a once accepted products being withdrawn. Stock and inventory and property in transit/cargo are also strongly recommended. Like any business, manufacturers and producers should carry general liability and property insurance, along with workers comp. Addition coverages that should also strongly be considered includes equipment, loss of income and depending on the structure of the company, director and officer.

Here are the most common coverages for manufacturers and processors:

General Liability
Product Liability
Product Withdrawal
Property Insurance
Stock and Inventory
Loss of Income
Business Personal Property
Equipment Coverage
Property in Transit/Cargo
Director and Officer

Your Aspen broker will discuss in detail the risks you face and discuss the cost/risk of each and help you make the best decision for your business – now and should you decide to grow in the future.

So you may be prepared, some of the important questions we’ll ask include:

• What is your risk tolerance (e.g. based on your personal/business finances, how much exposure are you willing to have)?
• What are your gross revenues?
• What is your payroll?
• Do you have investors?
• What is the value of your equipment?
• What current insurance do you have?
• What are your growth/expansion plans?
• Have you had any lawsuits or claims in the past?
• Anything else you are concerned with or want to make sure you protect?

We are happy to answer any question you might have, review your current coverage and discuss the appropriate coverages we feel you should carry, based on our experience with manufacturers and processors.