Big or small, one line or many, if you make something or assemble something you are a manufacturing company and as such you have special risks and exposures that need to be addressed and you should have manufacturing insurance in Calgary. The risks associated with each manufacturing company are unique to the products and processes involved in the manufacturing, assembling and processing of the products.
Calgary manufacturing insurance is a type of commercial insurance designed to protect those with manufacturing operations from paying out of pocket for sudden or unexpected costs such as legal defense fees, legal settlements, medical bills, property damage mitigation and much more, depending on the specific terms of your policy. It's a form of risk management that is critically important for manufacturing companies. In the unfortunate event that something goes wrong, such as a third-party bodily injury, massive equipment failure or product recall, you need to know that you will be able to get help to recover from financial losses and get your business up and running again, or keep it in operation.
Any company operating in the manufacturing industry needs comprehensive manufacturing insurance. Calgary, AB businesses that require manufacturers business insurance can range from massive fabrication plants to small, independent food or beverage manufacturers such as craft breweries. There's such a wide range of products that can be manufactured, and such a wide variety of methods and techniques that can be used to accomplish the manufacturing process, so Calgary manufacturing insurance is a broad category that applies to many different types of fabrication and manufacturing businesses.
However, it's worth keeping in mind that this list is far from exhaustive. You could be manufacturing cosmetics, toys, household goods or numerous other possibilities, but regardless of what you're making, you need to be covered by a comprehensive Calgary manufacturing insurance policy. The expert brokers at Krywolt Insurance have the expertise to find the right options to meet the particular needs of your unique business.
We work with Calgary manufacturing companies of all descriptions to ensure their business, their inventory, their machinery, their finished products and raw materials are all protected. As all manufacturing companies are different, so too are the options for insurance required to ensure your business is protected with the right manufacturing insurance for your business.
All business insurance in Calgary needs to include basic commercial liability coverage, which is intended to help business owners cover costs related to personal harm, third-party bodily injury and third-party property damage. For example, say a client comes into your business facility to retrieve products and drops a heavy box on their foot, causing an injury such as broken toes. They could choose to sue you to recover medical expenses, which can be partially or completely covered by commercial general liability insurance. Or, maybe you rent your manufacturing facility and there's an incident that results in costly damage to the building. Your landlord could sue you to recover the costs of repairing the damage or replacing destroyed items and building components. Without adequate Calgary manufacturing insurance that includes commercial general liability, you'll have to pay those costly fees out of pocket, along with legal defense expenses.
Generally speaking, the manufacturing process involves the use of chemicals, solvents, food substances, fuel and more that have the potential to cause environmental harm. If you operate out of a fixed site facility, it's important to have pollution legal liability. This type of insurance for manufacturers in Calgary covers both sudden events such as a chemical spill and gradual events such as a slow leak that is allowing contaminants to seep into groundwater. You'll receive funds to help with clean-up costs, property damage, bodily injury claims and more that are related to the polluting incident. It can also apply to legal defense costs if legal action is brought against you in relation to the polluting event.
Shipping cargo is an integral part of most manufacturing operations, whether you need to move massive pallets of goods halfway around the world or are just bringing a few boxes to a local restaurant or retail store. As we all know, there's a lot that could happen between your cargo loading bay and the final destination. Cargo insurance is a necessary addition to your Calgary manufacturing insurance because it offers protection against financial losses incurred when cargo is damaged or goes missing.
There are two main categories of cargo insurance: inland and marine. As the name suggests, inland cargo insurance applies to goods that are being transported over land via truck or train. However, most standard inland policies exclude goods that are crossing a border and it's mainly intended for domestic deliveries within Canada. Marine cargo insurance, on the other hand, covers shipments that are being moved across water via ship or airplane. That includes a much wider range of perils, including risks such as sinking, ship collisions, piracy, loading and unloading damage and other potential circumstances. Cargo insurance differs from freight insurance in that cargo insurance protects the shipper, or owner of the cargo, while freight insurance protects the carrier or freight forwarder.
When your products or goods leave Calgary and go out into the world and reach the end user, sometimes there are unforeseen complications that can lead to damage or injury. What if you produced an edible product but failed to label it correctly with all included ingredients and some consumers suffered severe allergic reactions? Or what if you designed and manufactured a toy that caused injury to a few children who played with it? Product liability insurance covers scenarios like that where your product has caused or is alleged to have caused third-party bodily injury or third-party property damage. Product liability insurance could be used to cover expenses such as legal defense fees, and should you be successfully sued, legal settlement costs.
In the examples of possible product liability claims above, and in dozens of other potential scenarios, it's not enough to just pay settlements to those who bring legal action against you. You also need to recall the faulty or hazardous products so they can't cause any further injury or damage. Or, you may have a product that has not resulted in lawsuits, but you're being forced to recall it by regulatory bodies who detected a compliance violation in how the product was designed, manufactured, labelled, packaged or marketed. Product recall insurance is a part of Calgary manufacturing insurance that provides financial assistance dealing with the costs associated with a product recall, such as the logistics of getting the product back and rehabilitating it if possible, along with the financial loss of the contaminated or non-compliant products.
Whether you run a major manufacturing plant in Calgary or you're an artisan who is hand-manufacturing goods in your garage, it's important to have commercial property insurance. In the manufacturing industry, your facility and equipment are of the utmost importance to your success. Commercial property coverage is essential to a Calgary manufacturing insurance policy because it gives you the peace of mind that comes with knowing you won't be on your own to cover expenses for property damage caused by factors like fire, theft and natural disasters. What exactly is covered depends on the type of policy you have—all-risks or named perils—and the risks that are included or excluded in your specific policy. It's important to speak with your Krywolt Insurance broker about the risks that are particularly likely to affect your location in Calgary, AB. For example, if you are located within a flood zone close to the Bow or Elbow Rivers, it's important to make sure flooding is included in your policy so you're not left to deal with severe water damage mitigation all on your own.
Your manufacturing equipment is a critical part of your commercial operations in Calgary, but like any type of machinery or tools, it's not impervious to damage and it's not going to last forever. If your assembly-line equipment suffers a mechanical failure right while you're gearing up to push through a major order from your biggest client, it can have a disastrous effect on your ability to fulfill your contractual obligations and bring in revenue. Equipment breakdown insurance covers repair or replacement costs for equipment that breaks down due to reasons such as power surges, operator error or motor failure. Damage that is unrelated to a mechanical breakdown such as fire or flood would fall under commercial property coverage on your Calgary manufacturing insurance.
You need a Calgary manufacturing insurance expert to be able to define all the possible risks associated with your business so you get the best possible coverage to ensure that a single simple accident or oversight doesn't overcome your manufacturing business. You know your business, we know the risks and the ways to protect your business from potentially crippling lawsuits or loss.
We don't offer instant online quotes for Calgary manufacturing insurance costs because there is no way we can get to know you and your business without speaking to you and coming to understand all the complexities or simple processes that need to be insured. Once we've chatted with you and know more about how you operate your business, we can find the right insurance options for your unique company to ensure you are fully covered and protected against whatever comes your way.
The manufacturing sector has many folds—for example, are you certified for a particular process? Or does your company process or equipment include trace particles of other ingredients that may cause health issues for customers? There are a wide range of things we will need to chat about to learn more about your business and then get the best possible Calgary manufacturing insurance coverage for you.
Here are a couple things to think about before we chat.
Business insurance, which includes Calgary manufacturing insurance, is not legally mandatory in Canada, so you're not required to have it. That being said, going without it is likely to have some serious repercussions for the success of your business.
No matter how conscientious and exacting your business practices are, you can't prevent every possible mishap or situation that could end up costing you a staggering amount of money in legal expenses, medical bills, legal settlements, repair and replacement for equipment, property damage mitigation and more. Those costs could be enough to cause financial ruin to your business if you don't have adequate Calgary manufacturing insurance coverage to protect you. You may also find that clients are unwilling to work with a manufacturer who is not insured, costing you valuable contracts that will end up going to your competitors instead. Let the dedicated team of brokers at Krywolt Insurance find the right coverage for you at competitive prices so you can rest easy knowing your business is protected against damaging financial losses.