Do you own or are you looking to start a wire manufacturing business? If so, it’s very important that you cover yourself as a business owner from potential lawsuits by purchasing business insurance. But even before you purchase insurance, you must first have a solid business plan that outlines your risks as a business owner and how you plan to cover those risks. Not all of your risks as a business owner can be covered simply by purchasing a basic insurance policy. You must first know what your risks are.
To identify the risks of your business you can simply consult with an attorney or even an insurance professional. The risks for a wire products business can be very wide because of the many different exposures involved with your business activities. Before paying costly fees for an attorney’s advice, we can at least help you to identify some of the potential claims that could arise and how your insurance coverage would protect you in the event of a claim. But first, let’s look at some common controls and procedures you can put in place to better protect yourself from a legal and contractual standpoint.
Insurance claim examples for wire products manufacturer:
Below are some likely claims examples and how your wire products manufacturing business insurance coverage would protect you in the event of a claim:
- General Liability Insurance claims- Let’s say that one day a customer or a vendor is in your office for a routine visit. The night before the visit, your cleaning crew left a very slippery floor and didn’t use non-skid wax. The customer or vendor is walking around your premises when they suddenly trip and fall. They quickly become severely injured and are rushed to the emergency room! Having General Liability Insurance can protect you by paying for legal defense if the customer or vendor decided to bring a lawsuit against you for their injuries.
- Property Insurance claim- Let’s say that one night your circuit breaker malfunctions and starts an electrical fire. The fire spreads throughout your location burning your possessions and the building. If you have Property Insurance then the rebuilding for these damages are covered. Property insurance will typically cover not only the cost to replace your damaged content but also the cost to clean the debris from the location.