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Remember, the purpose of insurance is to prevent an unknown but possible event from causing economic ruin to your business. We help you identify those exposures that can cause harm to your business, reduce those exposure you can and transfer (obtain insurance) for those exposures to possible loss you cannot afford. The problem we find when reviewing most manufacturers is that they have not had a thorough review of their possible exposures. You may use precious metals, CAD design computers valuable patterns in your business. Each of these requires different insurance policy forms to assure proper coverage.
Most often, your equipment is your most valuable physical asset. Thousands if not millions of dollars is invested in your equipment. An insurance policy used to insure retail stores or offices will not provide the coverage you need for your business. A specific piece of equipment may no longer be manufactured. What if the equipment you are using now has been replaced with a newer version? What if you equipment was custom made for your business? All of these are important points to consider. Also, how quick can you replace your equipment? Are your products free-on-board destination? When does ownership transfer? Having coverage that applies inside a building will not perform if you property is on the road. The key is asking questions.
Your business faces liability exposures should an injury result from a product you produce, sell or service. This includes damage to someone else’s property or loss of use of their property. What are your professional exposures? If you value add, design or provide opinions, you have a professional liability exposure not covered under a standard general liability policy. Liability exposure can crop up years after you have produced your product so knowing you are with a carrier that will be there twenty years from now is also important. Employees represent exposures that is as varied as the people who work in your business. How, where and with whom your employees work all require specific solutions to assure a claim does not come back to you.
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