MANUFACTURER INSURANCE

BOP (Business Owner’s Policy)

A Business Owner’s Policy or BOP combines a suite of necessary coverages into a single policy to give your facility the best protection.

 

• Commercial Property Insurance protects both the physical structure and its contents. This particular coverage is not limited to a buildings’ fixtures. It may cover machinery malfunctions or damage to tools and other equipment related to your operation. If structured properly, the policy can extend to finished inventory stored on your property.

• Business Income provides support when you need it most. In the event of an unexpected shutdown or outage, business income coverage will safeguard against lost income while the business is inoperable. It may also fund crucial expenses like payroll and employee benefits. In instances where a key supplier or manufacturer experiences a covered cause of loss, the policy may cover their lost income to expedite their return to business.

• General Liability steps in when mistakes happen. It will cover costs associated with your legal defense and settlement expense when an individual opts to pursue legal action related to injury to themselves or their property while on the premises. This coverage extends to bodily injury and property damage that your products may inflict on a consumer.

 

Workers’ Compensation

This product protects both you and your employees. State regulations related to workers’ compensation differ based on the physical location and size of your business. Whether coverage is mandated or optional, it will only benefit your business to have a workers’ compensation policy in place.

 

When a job related accident occurs, workers’ compensation will cover expenses related to medical treatment, lost pay, disability, and in some cases: death benefits for the impacted employee. Owners should consider including themselves in their workers’ comp policy as many personal health policies exclude injuries of this nature.

 

Commercial Auto

If your business utilizes leased or owned vehicles as part of normal operations, you should consider including commercial auto in your suite of coverages. Commercial auto policies include both liability and physical damage coverage regardless of the size of your fleet. For more information on how to tailor this coverage to your needs, speak with a CSP insurance agent today.

 

Cargo

Anything can happen while your goods are in transit. Often, traditional commercial property insurance does not extend to these types of activities. For example, many common cargo carriers offer limited support for items that exceed certain dimensions. The coverage types below fill gaps that a carriers’ insurance may expose. You and your distributors deserve to be protected whether your merchandise is moved via plane, train, or automobile.

 

• Inland Marine extends coverage to property traveling by train, truck, or automobile. Coverage is extended to the product itself as well as the equipment instrumental in its transportation.

• Property in Transit can protect both the distributor and wholesaler’s property in case of damage during shipping.

• Ocean Marine can secure both raw materials and finished goods during domestic and international transport. While marine transit is explicitly covered, some air and land transportation may also be included under this policy.

• Warehouse Legal Liability in Transit covers damage to goods incurred during a variety of shipping activities which include but are not limited to storage and cross docking.

 

Other Coverages to Consider

• Product Recall Expense

• Cyber

• Supply Chain

• Equipment Breakdown

• Pollution Liability

 

Your insurance needs will be different based on your operation and its capacity. It is critical to have a trusted guide when selecting the best coverages for you and your business. Call or email CSP  to get connected with a trusted professional today.

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