Most business owners understand the importance of carrying commercial liability insurance. However, there are other forms of liability coverage that are just as important and provide necessary coverage where commercial liability lacks. Below are three important coverages that you as a manufacturer should be sure to include in your policy.
Professional liability protects you in case a lawsuit is filed alleging that an error or underperformance on your part led to a third party suffering a loss. This would come into play if a client claims that you failed to live up to a contract.
Directors and Officers Liability
The professionals at Ken Davis Insurance indicate that Directors and Officers liability protects the assets of your leaders and employees in case a lawsuit is filed against them. It reimburses them for any losses suffered or offers payment to be used towards their legal fees.
Employment Practices Liability
Employment practices liability protects you in case of a lawsuit which alleges that illegal workplace practices were observed or experienced at your company. Allegations of discrimination or sexual harassment are examples of such unlawful activity.
There may be other liability coverages to consider as a manufacturer, but these will provide you with a solid foundation. Work with an experienced agent to ensure that your policy fits your needs.