Manufacturing Insurance in New Hampshire
What is Manufacturing Insurance?
Manufacturing businesses are exposed to many possible risks, which include a range of liability and property perils. Manufacturing insurance helps protect New Hampshire manufacturing businesses from many covered risks that they face.
Manufacturing insurance is a specialized kind of commercial insurance that’s tailored to the needs of manufacturers. Because these businesses face multiple risks, most of these policies are drafted as package policies that come with several insurance coverages.
What New Hampshire Manufacturing Businesses Need Manufacturer Insurance?
Manufacturing businesses in New Hampshire need to carry insurance given they are most likely using equipment to make something, as well as producing something which could cause harm to others. The risks vary depending on the nature of the product given manufacturing could be as simple as making cookies to as complex as producing a component used in aerospace.
Some specific examples of businesses that would benefit from having a manufacturer policy include:
Food manufacturers, including cheese makers, ice cream makers, confectioners and bakery plants
Beverage manufacturers, including craft breweries, wineries, coffee roasters, drink bottlers and water bottlers
Non-metal manufacturers, including monument makers, clock makers, leather-smiths and signage companies
Metal-work manufacturers, including hardware makers, metal good manufacturers and machine shops
In addition to these, animal slaughterhouses, meat processing facilities, textile mills, box makers and other businesses may also benefit from a package manufacturer policy.
Businesses that are unsure whether this is the right type of insurance for them should speak with an insurance agent who specializes in manufacturing policies.
What Protections Are Available Through Manufacturer Insurance Policies?
The exact coverages that manufacturer insurance policies offer frequently vary, but there are coverages that policies commonly make available as optional or standard protections. Some of these more common coverages include:
- Building and Property Coverage, which may cover the building and property owned/used in the business
- Business Income, may cover a company's loss of income due to a slowdown or temporary suspension of operations due to a covered loss of physical property.
- Commercial General Liability, may cover against claims of liability for bodily injury and/or property damage as a result of business operations
Manufacturing Consequential Loss Coverage, which might cover undamaged stock that is reduced in value due to damage to other stock damaged in a covered incident
Product Recall Expense Coverage, which might cover expenses arising from a covered product recall
Inland Marine Coverage, which might cover finished products while they’re shipped to distribution centers
Product Liability Coverage, which might cover damage or injury caused by manufactured products after they’re sold
Equipment Breakdown Coverage, which might cover breakdowns of essential equipment
In addition to these protections, policies may also offer business income interruption coverage and other protections. A knowledgeable agent can help businesses determine what protections are appropriate for their situation.
Do Manufacturing Businesses Need Workers Compensation Coverage?
Manufacturing businesses that employ workers are required by law to carry workers compensation coverage. This coverage protects against on-the-job injuries and illnesses that employees might suffer.
Although it’s not typically packaged with a manufacturing policy, workers compensation is readily available. An insurance agent who’s familiar with manufacturing policies likely can help with this coverage as well.
How Much Do Manufacturing Policies Cost?
Manufacturing policies’ premiums are based on many different factors and often vary from one policy to another.
Manufacturers can get an accurate idea of how much insuring their business will cost by comparing different insurers’ policies with an independent insurance agent. Unlike most captive agents, independent agents are able to request and show businesses quotes from different insurance companies. This makes seeing exactly how much different insurers will charge for a set list of coverages easy.
How Can Manufacturers in New Hampshire Get Manufacturing Insurance?
For help insuring a manufacturing business in New Hampshire, contact the independent insurance agents at HPM Insurance. Our agents have assisted many manufacturers in the state with their insurance needs, and we’re ready to help you find a robust manufacturing insurance policy.