The Top Manufacturing Insurance Agency in Northeast Ohio
Manufacturing companies require unique protections beyond what many commercial policies offer. As a top manufacturing insurance agency in the region, Ellerhorst Russell Insurance Agency offers policies that meet the specific needs of manufacturing enterprises of all sizes.
Ellerhorst Manufacturing Insurance
When you choose to get a manufacturer's insurance policy from our Ellerhorst agency, you can be sure you’re getting the insurance coverage you need to protect your interests. We’ve been putting our customers first for over a century, working closely with each client to ensure all their insurance needs are met.
Working with Ellerhorst, you will get personal attention. Our team takes the time to talk with you and help you determine which coverage options will protect you best. We always strive to answer your questions to your satisfaction.
After all, we want to ensure you know what you’re getting, and we work diligently towards your satisfaction with the level and type of coverage you get from our trusted agency.
Common Coverages for Manufacturing Companies
The type of coverage you get will depend on different factors, which we discuss with you in detail. The size of your facility, your production volume, how many people you employ, and even what you manufacture all play a role in what coverage you get. Many manufacturing enterprises obtain the following common coverages.
Whether people fail to use your manufactured products as intended, or something produced at your facility led to one or more of your customers, or their loved ones, being injured, product liability insurance can offer protection in the event of claims against your business.
This coverage can also be utilized to provide protection from different types of property damage your product might cause. Even if you manufacture top-quality, reliable products, there may be occasional items that leave your facility and, for whatever reason, fail to work properly.
Having good product liability coverage as part of your manufacturing insurance offers protection for your business in personal injury and property damage cases. It can help you pay for settlements, medical costs, repairs, and legal fees in the event of a product liability lawsuit brought against your company.
What happens if a lawsuit against your business results in a financial settlement you have to pay, but your policy’s limit is reached? In such a case, having umbrella coverage offers you additional protection against expensive lawsuits, providing you with more funds available for settlements and related expenses.
With umbrella coverage, you have extra liability coverage. Think of it as boosting the protection of your existing manufacturing insurance policy.
Umbrella insurance can kick in to pay for expenses that exceed typical policy limits. It’s an extra safety net available to you.
Coverage for Manufacturing Equipment
Does your business include a lot of expensive manufacturing equipment? What about specialized equipment that’s hard to replace or takes time to repair? Whether you operate specialty machines or standard equipment, you can benefit from coverage for your manufacturing equipment.
Your customized manufacturing insurance plan from the Ellerhorst Russell Insurance Agency can include the level of coverage that’s right for the type and quantity of equipment your business operates. Computers and other office equipment may be included as well.
Whether you manufacture vehicles, mobile devices, food products, home furnishings, or anything else, carrying casualty insurance gives you greater protection against things that can go wrong.
Every year, the cost of lawsuits increases. Protect your brand and your company finances by getting extra casualty insurance that gives you an additional layer of protection beyond the limits of standard manufacturing insurance policies.
The industry you’re in and your facility’s level of production are two of many considerations that can help determine the right level of coverage for you.
The majority of manufacturing facilities implement sound protocols designed to keep people safe from harm. Even so, workplace mishaps happen. If any member of your workforce is hurt on the job, they may rely on your worker's comp policy to help get them through the challenges ahead.
Each state has its own worker's compensation requirements. We will be glad to review Ohio’s regulations with you to ensure you abide by the state’s workers comp rules and have enough coverage for your employees.
Who Should Get a Manufacturers Insurance Policy
If you own and run a business that does any type of manufacturing, you need to get a manufacturer's insurance policy to protect your business interests and keep your company from experiencing financial devastation.
These are some examples of businesses that need to carry this type of insurance policy:
Locally owned microbreweries and brewpubs
Jewelry design and manufacturing companies
National HVAC equipment manufacturers
Producers of home accessories and kitchen appliances
Manufacturers of construction products and building materials
And countless other manufacturers of all sizes and production volumes
We can’t stress this enough: if you manufacture or produce anything, you need to carry sufficient manufacturing insurance to protect your workers and protect your business from the level of financial ruin that lawsuits or catastrophic events can bring. Don’t take chances; get the coverage you need.
Our plans are customizable to fit your specific needs. We start with policies that provide basic coverage helpful to any manufacturing business.
We can then amend your coverage, as needed, through supplemental policies or higher coverage levels that protect larger operations or manufacturing businesses in higher-risk industries.
Depending on your policy, base coverage can include the following.
This coverage offers a level of protection from damages that result from regular business operations, use of your products, or claims against you.
General liability coverage can go by other names as well, including commercial general liability insurance and business liability insurance.
Interestingly, even though the word marine normally refers to anything water-related or seafaring, when we talk about inland marine insurance, we’re referring to coverage for on-land transportation purposes.
Inland marine coverage can insure products being shipped by train or truck, for example. It typically protects your movable business property when it’s in transit or while it’s being stored in a temporary location.
Generally, your manufacturing facility, equipment, tools, and inventory are protected by commercial property coverage.
Many types of losses can be covered, such as from fire, theft, or wind damage, for example. We can go over with you what is and isn’t covered and whether you might benefit from supplemental policies to your standard manufacturer's insurance.
Your workers comp coverage levels will depend on what’s required by Ohio (or the state in which your business operates), what’s recommended or required by your specific industry, the size of your workforce, and your payroll.
We can help you figure out your options and responsibilities surrounding workers compensation insurance. Workers comp benefits are available to your employees to cover injuries that happen in the course of doing their jobs.
Do you have company vehicles? Whether your business uses trucks to transport your products to distribution centers, shuttles to move personnel around your manufacturing facilities and warehouses, busses that transport visitors on tours of your business, or other types of vehicles, commercial auto insurance can cover vehicles used for your business.
You may opt for a commercial umbrella policy for even greater coverage than what standard manufacturing policies offer.
Commercial umbrella coverage can pay for expenses beyond what a standard policy covers. For example, it can be used when a lawsuit settlement against your business exceeds other manufacturing insurance policy limits.
Your Trusted Northeast Ohio Manufacturers Insurance Agency
Serving the community since 1915, Ellerhorst Russell Insurance Agency works hard to provide our region in northeast Ohio with quality insurance products our customers can depend on.
Offering both personal and business insurance policies, we work with you individually to help you avoid coverage you don’t need while having ready access to important coverage that will protect you in the event of unexpected occurrences.
If you are a manufacturer, you need insurance that’s right for your industry and the size of your operations. Schedule an appointment with us to go over your manufacturers insurance needs.
Together, we can evaluate your situation and customize a policy that’s the right fit for your specific requirements. To get started, reach out to us today.
Depending on your business and what you manufacture, you may benefit from manufacturers insurance coverage add-ons. Not everyone needs these.
At the same time, some industries find these add-ons to be essential. Our agency can go over them with you to help you figure out which, if any, are right for you.
Brands and Labels
A big part of your business is the unique brand you present to the world. You’ve worked hard to develop designs that reflect who you are and what your business is about, so you may be happy to know that brands and labels coverage is designed to protect your company image.
Specifically, brands and labels insurance enables you to remove branding labels from products that were damaged by a covered event, such as a fire in your facility. Insurance companies generally try to salvage damaged goods, when possible, by selling them at auctions, discount stores, or other salvage market outlets.
To maintain your brand’s reputation for quality, this type of add-on coverage gives you a measure of control over the salvaging process. It covers the cost of removing your brand labels from any salvaged products, or marking these items as distressed, before they are sold as damaged goods.
When your manufacturing facility is damaged in a covered event, you will likely have to stop business operations for an extended period of time until repairs are completed, inspections are done, and it’s safe for workers to return. Financially, how will you stay afloat during this process?
Opting for business interruption insurance protects you from income loss that results from unforeseen interruptions to your operations. It can help you cover ongoing costs and extra expenses while repairs are happening, protecting you during the period when your ability to bring in revenue is impaired.
The cyber liability add-on to your manufacturing insurance policy protects you in the event of a cyber-attack.
If your computer equipment becomes inoperable, your databases are compromised, or your business experiences other types of cyber-attack events, this coverage can help you with lost income, identity recovery expenses, data loss recovery costs, and more.
Employment Practices Liability (EPL)
As a business owner, you may not be aware if someone in your company is practicing discrimination, wrongful termination, or harassment against members of your staff, until allegations or lawsuits bring these practices out in the open.
To protect your business from these and other types of wrongful employment acts, add employment practices liability coverage to your manufacturing insurance policy.
What happens if a large percentage of your equipment breaks down all at once? Or if you can’t bring your equipment back online because supply chain issues are making it impossible for you to get replacement parts in a timely manner?
To avoid loss of income issues that may arise from equipment breakdowns, and to adequately cover the costs of repairing broken equipment, you may benefit from the addition of this coverage to your policy.
Manufacturers Consequential Loss
A consequential loss is an adverse impact as a consequence of damage experienced by a business. This coverage generally addresses indirect losses.
With respect to manufacturing insurance, having this coverage means that, for a covered cause of loss, your insurance company will pay the reduction in value of any remaining intact parts that are no longer worth much because companion or complementary parts were destroyed.
There are additional scenarios that can apply here. Ask us to go over examples with you that are relevant to your industry.
Manufacturers Errors and Omissions
Not every general liability policy covers product errors and defects. Manufacturers errors and omissions coverage explicitly protects you against damage that results from defects in materials or products, design errors, assembly errors, and related causes.
Manufacturers Errors and Omissions
When your products and parts are damaged in a covered event, you can no longer sell those items at their normal selling price. This coverage protects your business against loss of profits that would have been earned if the damage had not occurred.