The requirements of manufacturing insurance in NJ differ depending on whether your company does light manufacturing or heavy. Examples of light manufacturing are computers, office equipment, or food. Examples of heavy manufacturing are ship building, home prefab, and oil rig erection. The requirements for light manufacturing insurance can be negotiated between the company owner or operations manager and an appropriate manufacturing insurance provider.
Your manufacturing operation basically converts raw materials and components into full products ready for consumer consumption. During your products’ material flow, there are many things that can go wrong. Each of these can affect product delivery and customer deadline. The right manufacturing insurance in NJ will help control the costs of unforeseen incidents and protect the profit margin of your manufacturing operation.
One of the most important components of an effective manufacturing insurance policy includes property and inland marine. If you are operating on rental property, this protects the concerns of your landlord. The inland marine coverage can control the risk of every part of your deliver system, from the point that it leaves your site until the point where it reaches the customer’s site. Another important component is crime coverage which protects against employee dishonesty, securities and counterfeit currency. It will also include general and other liability common to all businesses. These are the important components of an effective manufacturing insurance policy.