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15 Oct Liability Insurance for Aircraft Parts Manufacturing Businesses
How to Protect Your Aircraft Parts Manufacturing Business from Third-Party Claims
General liability insurance protects your business in the course of typical business practices: anything from a customer slipping and injuring themselves while on your premises to a claim regarding your advertisements is covered under your general insurance policy. But some specialized businesses face an increased risk of exceeding their general liability coverage, and if you manufacture aircraft parts your business is one of them.
What specific liability coverage can help better protect your aircraft parts manufacturing business?
Add excess coverage for products completed operations. While this specific facet of insurance is generally included under commercial liability insurance, double-check your plan and consider allocating more coverage here. If your products (and, if you install your manufactured parts, your services) result in a mechanical failure or any claim, you might still be held liable. This insurance protects you for the life of the manufactured goods, even once the product has been completed and shipped or if a part is in use long after you’ve ended your business.
For all of the specific areas of coverage under your insurance plan, make sure your liability limits are up to regulated standards. Whether you manufacture and ship parts to companies structured under different states or even in different countries, your insurance requirements might change depending on your customer. The companies themselves may also require you to have higher limits and name them as additional insured parties, so regularly review your policy and make sure your insurance reaches those minimums.
If you have questions about specific types of claims that relate to your completed products or you’re interested in finding better coverage for your business, contact Evolution Insurance Brokers here. Our experts will work with you to create the right insurance coverage that keeps your business plan and your customers in mind.