Manufacturing Insurance

More than 1 in 6 workers in Wisconsin are employed in the manufacturing industry. It represents nearly 20 percent of the state’s economic output and is present in towns and cities of all sizes. If you own a manufacturing firm, you rely on smooth operations and steady cash flow to maintain revenue and continually increase your profitability. You don’t have time to worry about the problems and unexpected complications that could cause your gears to come grinding to a halt. At Burstad Insurance, we make it easy to protect your goods, staff, and business against the “what-ifs” of doing business by offering comprehensive manufacturing insurance coverage to fit your needs.

We serve many different types of manufacturers, including those who produce:

• Motor vehicle parts
• Machinery
• Plastics
• Electronics
• Rubber Goods
• Paper
• Wood products
• Chemicals
• Metal Goods
• Textiles
• And more

The Risks of Doing Business

All businesses have risk exposures. Having the right insurance can help mitigate those risks and reduce your company’s financial vulnerabilities. The key is working with an independent agent who can help you identify those risks – including those specific to your industry. At Burstad Insurance, we can offer our recommendations for coverage and help you select the types of Wisconsin manufacturing insurance that help protect the continuity of your business for years to come. Examples include:

Workers Compensation Insurance
For the sake of your workers, you naturally want to create a safe environment and implement protective protocols that safeguard them against injury. From a financial standpoint, workplace injuries can be financially devastating without the right insurance protection. In Wisconsin, workers compensation insurance is mandatory, as it provides coverage for medical expenses and lost wages when employees are hurt on the job, regardless of fault. It can also help protect your business against expensive employee lawsuits.

General Liability Insurance (GL)
GL typically covers the broad risks of being in business by safeguarding your company against third-party litigation and financial liabilities. It can cover your legal fees if you are sued, and it can help pay for any damages you are responsible for, including those related to injuries and property damages, up to the limits of your policy.

Commercial Umbrella Insurance
Even if you purchase the most general liability insurance coverage money can buy, it still may not be enough to protect your business against a devastating lawsuit fully. When your liabilities and legal fees exceed the value of your coverage, look to your commercial umbrella policy to help pay for excess damages. This supplemental coverage pays in excess of exhausted GL limits up to the limits of the policy, which is often several million dollars.

Business Interruption Coverage
If an unexpected turn of events forces you to shut down operations temporarily, it does not mean your financial obligations stop, too. Business interruption insurance can help cover the ongoing cost of being in business when your manufacturing line stops or slows due to a covered event.

Business Property Insurance
Manufacturers have a lot of property to protect, from machinery and equipment to sprawling warehouses. Protect the property your business owns and relies on with insurance that covers a wide range of damages. We offer manufacturer property insurance that can cover damages caused by fire, smoke, hail, wind, theft, vandalism, explosion, and much more.

Commercial Vehicle Insurance
Whether you are a small company specializing in custom rugs and curtains or a large business with thousands of outgoing products each day, chances are you have vehicles or trucks used to haul your goods to distributors or direct to your consumers. Protect your fleet with commercial auto insurance that covers damages to your vehicles due to collisions and other covered events, such as hail or vandalism. In addition, commercial auto insurance can also protect your business against litigation and liability when one of your drivers is responsible for an accident that results in third-party injury or loss.

Equipment Breakdown Coverage
If any part of your manufacturing line fails, it can bring production to a complete halt. Unfortunately, the equipment can fail – often due to complications outside your control. From power surges to mechanical breakdowns, this insurance can help you restore your equipment and resume operations as soon as possible after a covered event.

Errors and Omissions for Manufacturers
If you make a manufacturing error that results in a third-party financial loss, but not one that is related to property damage or injury, it may not be covered by your general liability insurance. Instead, look to the manufacturer’s errors and omissions insurance to help cover legal expenses and financial liabilities when you are sued for third-party financial losses.

Additional Manufacturing Coverages
In addition to the coverages above, there are also insurance types that are unique to the manufacturing industry and the risks therein. For example, many businesses require product liability insurance, which helps cover your company against damages caused to consumers due to faulty products or negligence in the design and distribution of your product. There is also coverage to help pay for the costs of recalling a defective product that has already been released to the marketplace. You can even purchase insurance that covers selling price endorsements, protecting the full retail value of your goods – not just their production value – in the event of a covered loss.

Central and Western Wisconsin Manufacturing Insurance

If you own a manufacturing business in Menomonie, Chippewa Falls, Medford, River Falls, New Richmond or the greater Central and Western Wisconsin region, contact Burstad Insurance to request your commercial insurance quotes. We look forward to serving you soon.