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24 Sep Important Coverage Areas for Explosives Manufacturing Insurance
Explosives Manufacturing Insurance
Being in the explosives manufacturing business carries a lot of long-term risks. Not only is the manufacturing process itself potentially hazard, but your business is responsible for your products long after they’re sold. If you’re looking for a new insurance carrier, or you have an opportunity to review your current policy, there are two areas of coverage you should look for in your Explosives Manufacturing Insurance Policy:
- Do you have sufficient product and completed operations liability insurance? This area of liability insurance helps protect your business from third-party claims related to the use of your products and services. Improper storage, contaminated products, and inaccurate labels can all be the basis for liability claims long after a sale or service performance. make sure your coverage includes measures not only regarding current currents for current sales, but current claims for past sales and future claims for current sales.
- Always have industry-standard umbrella coverage. More and more companies write insurance minimums into their contracts. If your insurance limits fall short, those companies won’t contract with you and will quickly move on to another supplier instead of negotiating. This is even more true for government jobs: their contracts and insurance minimums are generally non-negotiable. Umbrella policies also help catch the gaps and high losses for any given year of your business. While government regulations may pose a certain standard to let you operate in the country or specific state, having coverage above those minimums helps put your business in a better long-term position.
Having high-quality insurance is crucial for commercial success, especially if you’re in a risky manufacturing segment of the economy. Go to Evolution Insurance Brokers here to find out what changes you should make to your policies.