Is Current NJ Manfacturing Insurance Comprehensive?

Business insurance policies can be complicated and confusing. There are several aspects that have to be addressed with policies that offer enough total coverage. NJ Manufacturing insurance can be even more confusing because of the added risks involved in both manufacturing and transporting products. Other industries, such as retail, for example, rely on separate trucking companies to move inventory and deliver products. The store is responsible for covering the property once it arrives, and the trucking company covers inventory while it is being shipped. Manufacturing companies that also transport their goods have to be sure to have comprehensive coverage to protect both sides of the business.

There is double risk of liability so policies have to reflect that in order to protect the entire business. One incident in the manufacturing plant can be enough to close the business, as can one accident on the road, if coverage is not substantial. Comprehensive policies that are designed to protect the whole business are what is needed. Does the business have proper coverage? That is the big question. The best way to know that for sure is to have an independent insurance agency, with experience covering businesses across industries, review all the current policies, consider the value of the business, and assess the situation. They can then help owners decide if additional limits are needed or additional policies should be added. It could be as simple as adding an umbrella policy for liability. In that case, if a law suit or judgment amount for restitution is higher than the limits of regular liability, the umbrella pays the difference and the business is protected.

The Off Premises coverage may need to have higher limits added to it if the business is transporting more products for distribution. A growth in business in the past year, for example, means there are more trucks on the road carrying product. That coverage protects products from damage, loss, or theft while it is being transported. The business auto policy will need to be updated as well to make sure the business will survive any incidents or accidents. Working with an insurance agent that will review policies on a regular basis is the smartest thing an owner can do to make sure the business is fully protected.