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30 Apr Insurance for Explosives Manufacturing
Protection Against Litigation Sparked by Explosives Accidents
No one has to tell you – the manufacturing, storage, and distribution of explosives put you in harm’s way — but what about the financial repercussions? Perhaps it’s time you look into insurance for explosives manufacturing.
Explosive-related injuries and deaths are an unfortunate part of your business. According to a 2016 Consumer Product Safety Commission report, 2015 saw the most fireworks-related injuries in at least 15 years.* In 2015, OSHA reported many cases of injuries and deaths, including the Ultratec Fireworks Manufacturing. The company was remiss in housekeeping of hazardous materials, structural failure, and code-required separation of distances between buildings, resulting in 2 deaths.** In May 2012, Jennifer Greer, a spectator at a shooting range almost lost her hand when a target exploded. The list goes on and on.
Fact is, hazards are inherent in your business, whether you’re working with gunpowder, fireworks or rocket propellant. How, then, do you protect your business? “Failure to properly recognize unsafe conditions and to take steps to mitigate the hazards can result in unexpected circumstances that can, and do, result in injury or death,” reports OSHA. Of course, you adhere to OSHA Product Safety Management (PSM) procedures to protect all those that come into contact with explosives. But you should also go a step further to protect against lawsuits that could potentially destroy your business.
Make a small investment in specialty liability insurance with Evolution Insurance Brokers (EIB). Since 1992, EIB has been a preferred provider of specialty liability insurance coverage. What makes EIB a real standout is our partnership approach. As a full-service excess and surplus lines brokerage, we offer flexible underwriting, risk management expertise, and outstanding claims results for difficult risks, with consideration for good risk management practices.
To learn how EIB can protect your business against costly litigation, contact us today.