Georgia Business Insurance for Small Manufacturers
10/21/2011 12:00:00 AM
If you have a great product and are looking to move into manufacturing, you will have particular Georgia business insurance needs. These will vary depending on the nature of your product or products, whether you are starting your business from home or a commercial space, the size of your business and your location.
A Business Owners’ Policy (BOP) is a common insurance product that combines several insurance policies into the one contract. BOPs can be tailored to particular fields, so your insurance company may have a BOP specific to manufacturing. This will generally cover insurance for your business dwelling and its contents, including interior machinery, equipment, computers, stock and raw materials. If you lease a warehouse, factory or other space, the BOP may cover any alterations or improvements you make on site. BOPs should also include a few other types of coverage specific to your field.
There are several types of coverage that are not included in a BOP, however. These include workers compensation (mandatory if you have employees), theft or burglary, outdoor signs and mechanical breakdown. If you manufacture food products, spoilage and food contamination are other types of coverage you should consider. While a BOP may include basic liability coverage, manufacturers often choose to purchase additional liability. This is designed to protect you from the financial burden of being sued should your product inadvertently cause harm to a member of the public.
Read every policy thoroughly so you know exactly what you are covered for, and speak to an agent if you need advice on additional Georgia business insurance or if you feel your existing policy isn’t suitable for your business type.
A Business Owners’ Policy (BOP) is a common insurance product that combines several insurance policies into the one contract. BOPs can be tailored to particular fields, so your insurance company may have a BOP specific to manufacturing. This will generally cover insurance for your business dwelling and its contents, including interior machinery, equipment, computers, stock and raw materials. If you lease a warehouse, factory or other space, the BOP may cover any alterations or improvements you make on site. BOPs should also include a few other types of coverage specific to your field.
There are several types of coverage that are not included in a BOP, however. These include workers compensation (mandatory if you have employees), theft or burglary, outdoor signs and mechanical breakdown. If you manufacture food products, spoilage and food contamination are other types of coverage you should consider. While a BOP may include basic liability coverage, manufacturers often choose to purchase additional liability. This is designed to protect you from the financial burden of being sued should your product inadvertently cause harm to a member of the public.
Read every policy thoroughly so you know exactly what you are covered for, and speak to an agent if you need advice on additional Georgia business insurance or if you feel your existing policy isn’t suitable for your business type.