If you’re keeping business costs down by using substandard insurance, you may be putting your business at greater risk in the long-run. Fortunately, your manufacturer’s insurance policy doesn’t have to be costly or complicated to be effective. In fact, your policy can often be customized to fit your unique business needs and ensure that you’re never paying for unneeded protections.
Here are just two of the potential add-ons you can include in a customized insurance portfolio – and more importantly – how they can help you save money down the road.
1. Equipment Recovery
Whether through fire, flood or time, equipment loss can put a serious roadblock on your path to success. But if your insurance policy includes equipment coverage, that roadblock can be eliminated, letting you get back to productivity at minimal or no cost.
2. Inventory Recovery
If disaster claims your inventory, you run the risk of losing materials as well as potential customers. Luckily, many policies allow you to add manufacturer’s selling price coverage and will reimburse you the value of your inventory on the day of its loss. In turn, you’ll be able to get back to producing your goods faster and at less out of pocket expense.
Additional protections that may be available include property damage, business interruption, product recall and manufacturers errors and omissions. Whatever you choose, keep in mind that your business isn’t the only thing that can gain long-term protection from a comprehensive manufacturers insurance policy – it can do wonders for your peace of mind, too.