Insurance for Electronic Equipment Manufacturers

Electronic equipment manufacturers face numerous risks. In this article, you can find information regarding why electronic equipment manufacturers should have insurance, some of the common coverages that you may want to consider, and what getting a quote entails.

Why Have Insurance as an Electronic Equipment Manufacturer?

As an electronic equipment manufacturer, risks and liabilities are always present. The following are just some of the risks that electronic equipment manufacturers and those in the industry may face.

• Product Failure
• Cyber breaches
• Employee or Customer Injuries
• Car Accidents
• And more

Other Types of Companies with Similar Risk Profiles

• Technology Product Manufacturers
• Technology Component Manufacturers
• Technology Product Research & Development
• Electronic Device Manufacturers
• And more

Any company in the electronic manufacturing industry should thoroughly examine their insurance selections. If you have questions or would like to explore your options, contact one of our local offices today.

Common Coverages Electronic Equipment Manufacturers Ought to Consider

There are a number of different insurance coverages that electronic equipment manufacturing companies may want to consider, including but not limited to:

Product Liability

If your company manufactures or sells products such as electronic devices or products, etc., product liability insurance can potentially cover claims related to defects that cause injury or property damage.

Cyber Insurance

Patents, customer data, and other sensitive information are just some of the data that could harm your business if a breach were to occur. With the continued rise of cyber threats, cyber liability insurance is an important coverage to consider, as it can help in the event your or your customer’s sensitive data is stolen or exposed. 

General Liability for Electronic Equipment Manufacturers

General liability insurance helps to provide businesses with protection for certain third-party liability claims related to your business operations, such as someone who suffers bodily injury or property damage while on your premises.

Commercial Property

Whether you own or lease the building you manufacture and operate in, commercial property insurance is highly recommended. The following are some of the assets commercial property can help insure:

• Your building
• The furniture inside, such as desks, chairs, tables and other common office amenities
• The equipment that your business runs on, like assembly machines, computers, programmers, printers, and other manufacturing tools
• Outdoor signage, banners, and other materials
• Certain landscaping components

Business Interruption Insurance

Business interruption insurance can help to replace a portion of a business’s income in the event a covered peril occurs and causes a business to pause operations or temporarily relocate. It is important to note that business interruption insurance works with your commercial property insurance. 

Workers’ Comp for Electronic Equipment Manufacturers

Being in the manufacturing industry, chances are you have numerous employees. Depending on which state you operate in, this could make you legally required to provide workers’ compensation insurance. In the event an employee becomes ill or is injured due to a work-related event, workers’ comp can help cover their medical bills and even help cover a portion of lost wages while they are unable to work.

Commercial Auto Insurance

If your business uses vehicles in conjunction with operations, then commercial auto insurance should be on your list of insurance coverages to consider. Our insurance agency provides coverage options for many types of vehicles used for commercial purposes.

Getting a Quote

At Cross Insurance, we work with many different insurance carriers ranging from local companies to nationally recognized names. To get a picture of what it could cost to insure your electronic equipment manufacturing business, you can request a quote from us, or if you prefer to call someone to start the quoting process, you can find a list of phone numbers to all of our offices here.

 

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This article is for general informational purposes only and is not to be relied upon or used for any particular purpose. Cross Insurance shall not be held responsible in any way for, and specifically disclaims any liability arising out of or in any way connected to, reliance on or use of any of the information contained in this article. The information contained or referenced in this article is not intended to constitute and should not be considered legal, insurance, accounting or other professional advice, nor shall it serve as a substitute for the recipient obtaining such advice. The views expressed in this article are that of its author and do not necessarily represent the views of Cross Financial Corp. and its subsidiaries and affiliates (“Cross Insurance”) or Cross Insurance’s management or shareholders.