16 Jun Insurance for Machine Shops
Insurance for Machine Shops
Most Machine Shops have several exposures that must be addressed with the proper Insurance coverages. There are many programs available, and finding the right one can be tough. For that reason, we are going to explain some of the most important coverages to protect your Machine Shop.
Insurance for Machine Shops – General Liability and BOPs
General Liability is an important coverage that every Machine Shop should carry. This affordable coverage can protect you in case your operations damage property or injures a third party. As am alternative to the General Liability, you can often purchase a Business Owners Policy, also referred to as a BOP. With a BOP, you can obtain the General Liability and Business Personal Property coverages on a single, affordable, packaged policy. By having a BOP, you can also include several additional important coverages, such as business income and scheduled business property.
Insurance for Machine Shops – Business Person Property
For most Machine Shops, Business Personal Property is a very important coverage. Business Personal Property can cover your machinery, tools, equipment, computers, and more. For Machine Shops with particularly expensive equipment, you can specifically schedule items to your policy to assure you are getting a full replacement cost for the item. As we mentioned above, you can often purchase the Business Personal Property coverage along with the General Liability in single packaged policy.
Insurance for Machine Shops – Workers Comp
Many Machine Shops have employees, therefore they should carry Workers Comp to protect these employees. This is important regardless of the employee being full-time or part-time. Even in states where Workers Comp is not required, you can still be held liable for employee injuries. With that said, every Machine Shop that has employees should carry Workers Comp, period. There are several carriers that write coverage for Machine Shops, so just check with a Broker that specializes in Workers Comp, and this coverage should be easy to find.
If you have questions about any of these coverages or would like a quote, we are here to help.
Give us a call at 925-297-4829.
All information is general in nature and is intended to provide guidance only. It is up to you to request specific coverage options, the agency and agent do not bear this responsibility. Always read the policy if there is a questions about coverage or a claim. If any information herein should conflict with your actual policy’s specific language, the policy language will be controlling.