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Wood Product Manufacturing Insurance

Wood products are everywhere we look in our homes and businesses, and for good reason—wood is beautiful, strong, durable, easy to work with and readily available. That's why humans have been using it for thousands of years, but today's wood product manufacturers are more fortunate than their predecessors because they have access to Calgary wood product manufacturing insurance that gives financial protection for liability and property damage issues.

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Calgary Wood Product Manufacturing Insurance

Calgary Wood Product Manufacturing Insurance

Insurance for Manufacturers of Wood Products in Calgary, AB

There's no doubt that wood products are absolutely needed and desired in our lives in a million different ways—but manufacturing them exposes companies and individuals to a huge variety of potential liabilities and damage issues that could end up costing them everything, from cargo loss and supply chain pressures to fire and flood damage. That's why it is absolutely essential to have a robust risk management plan in place, including a comprehensive Calgary wood product manufacturing insurance policy. Trust the team of business insurance brokers at Krywolt Insurance to track down the ideal options for your wood shop insurance at a competitive rate, so you can rest easy knowing you will be backed up with preventative protection in the event that your business is struck by unexpected expenses.

What is Wood Product Manufacturing Insurance?

Calgary wood product manufacturing insurance, or wood shop insurance, is a type of manufacturing insurance that is designed to protect wood product manufacturers and woodworkers from financial losses. Even if you are ultra-careful and have the strictest safety measures in place, there's still plenty of room for errors, omissions, accidents and disasters that can seriously damage the economic health of your business and bring your operation to a grinding halt.

Imagine if there was a slow leak in your facility that was allowing toxic solvents or chemicals to seep into groundwater, causing environmental devastation, and in addition to paying legal defence fees and settlement costs, you also had to cover the major expense of clean-up and damage mitigation to repair the local ecosystem. Or, what if you were sending a large shipment across the country by train and there was a derailment, causing your entire cargo shipment to be lost. Most business owners simply don't have the extra funds in their business accounts to handle the financial consequences of sudden expenses such as legal fees, settlements, medical bills, property damage mitigation, equipment repair and so on without their bottom line taking a big hit.

That's why Calgary wood product manufacturing insurance is so essential to your business success. With the best insurance coverage custom tailored to meet your specific insurance needs and address the perils you are most likely to encounter, you get the assurance of knowing your insurance carrier will provide you with the funds you need to get your business back up and running in the event of a lawsuit or disaster, so you can recover and continue to build on your past success.

Types of Businesses That Need Calgary Wood Product Manufacturing Insurance

All businesses need the right type of business insurance, and all secondary wood product industries need Calgary wood product manufacturing insurance. That includes large fabrication plants that produce wooden components or finished products, as well as small wood shops turning out hand-crafted artisan items. The types of businesses or industries that need wood product manufacturing insurance include:

  • Woodworking shops
  • Sawmills
  • Wood chip mills
  • Wood treatment plants
  • Wood flooring manufacturing
  • Cabinet shops
  • Pallet manufacturers
  • Architectural millwork
  • Pallet plants
  • Truss manufacturers
  • Furniture manufacturers
  • Dimension mills

Wood Product Manufacturing Insurance: Liability Coverage

Since wood product manufacturers and woodworkers are exposed to a wide range of potential liabilities, it stands to reason that there are a wide range of Calgary wood product manufacturing insurance coverages designed to address those liabilities. Here are a few examples of liability coverage options to consider as part of your wood product manufacturing insurance policy.

Commercial General Liability (CGL) Insurance

Commercial general liability insurance is a basic building block of business insurance policies, including Calgary wood product manufacturing insurance. It provides coverage for losses related to third-party bodily injury, third-party property damage and personal harm. For example, if you were installing custom cabinetry at a client's home and accidentally caused chipping damage to their marble countertops and backsplash, they could bring legal action against you to recover the cost of repair or replacement. Or, maybe you leave tools on the floor at a client's home and they trip over them, causing an injury that leaves you liable for paying medical expenses and rehabilitation costs. In those types of situations, your insurance carrier will provide you with funds to cover legal fees, medical bills, property repair or replacement and more, up to the limits on your policy. That way, the problem can be resolved to the satisfaction of the third party and you don't have to pay out of your own pocket.

Product Liability Coverage

Product liability insurance is a type of commercial general liability that applies specifically to situations in which your products have caused, or are alleged to have caused, some type of harm. Product liability issues include:

  • Injury and illness caused by design and manufacturing defects
  • Misleading or inaccurate labeling
  • Non-compliance with advertising regulations
  • Failure to warn a consumer how to properly use a product

An example of this could be if you use a toxic chemical to treat wood and the resulting product is used in such a way that it causes a rash or respiratory issue for some consumers. If you failed to warn consumers about the potential toxicity of the product, you could be liable for legal damages and medical expenses. In a situation like that, product liability insurance offers you financial security to handle those costs without hurting your bottom line. 

Pollution Liability Coverage

Most manufacturers use solvents or chemicals during their manufacturing processes that have the potential to cause harm to the environment. If you work with chemicals, solvents, or paint that can cause damage to the ecosystem if they are accidentally released into water, soil or air, you should speak with a Krywolt Insurance broker about pollution legal liability coverage. Suppose you accidentally spilled a huge container of industrial solvent on the soil outside your facility, or discovered a slow leak from one of your waste lines that was contaminating a nearby water source. Situations like that, whether they are sudden or gradual, can make you liable to cover eye-wateringly expensive costs for cleaning up the spill, property damage, and other types of issues created by a polluting event that caused environmental harm. Pollution liability insurance coverage on your Calgary wood product manufacturing insurance may also cover legal defence fees if you are sued or have to pay fines because you caused ecological damage.

Wood Product Manufacturing Insurance: Property Coverage

As a manufacturer or fabricator, your commercial property and equipment are of the utmost importance to your continued business success. You can't just take your laptop down to the local coffee shop to get some work done—you need access to the physical space and specialized tools that are essential to your manufacturing processes. And, once your components or products are complete, you aren't going to keep them—you need to be able to get them to manufacturing partners, suppliers, retailers and consumers. That's why it makes perfect sense to ensure your commercial location, equipment, stock and inventory are all protected with the right property coverage options on your Calgary wood product manufacturing insurance. Here are examples of a few kinds of commercial property coverage that are worth investing in.

Business Interruption Insurance

There are times when your business space and equipment may suffer damage from factors that are beyond your control, such as fire and natural disasters. In that type of situation, commercial property insurance is the part of your wood shop insurance that will give you support to cope with damage mitigation and replacement of damaged equipment so your business can get back up and running. The problem is that repair and replacement work isn't going to happen instantaneously and your hands could be tied for several weeks or even months where you and your employees are unable to carry out your normal schedule.

It goes without saying that operating at reduced capacity or shutting down altogether until your building and tools are functioning properly again can cause you to lose a critical chunk of revenue. With business interruption insurance coverage as part of your Calgary wood product manufacturing insurance, you can get compensation for lost revenue while you're recovering from a disaster or theft. Depending on how your policy is written, your business interruption coverage can also cover additional expenses such as employee wages or the cost of renting equipment and a temporary location.

Cargo Insurance

Most people who are involved with moving huge quantities of goods overseas are aware of the many reasons why it makes sense to have cargo insurance. But when it comes to domestic products that are being transported within Canada by truck or train, many business owners don't bother with inland cargo insurance. That can be a costly mistake. There's a lot that can go wrong between your loading bay and your product's final destination, including theft, fire and other issues that can cause your cargo to be partially or completely lost. Cargo insurance on your Calgary wood product manufacturing insurance policy protects against damage or loss caused by issues such as:

  • Non-delivery of a shipment
  • Customs clearance failures
  • Theft and vandalism losses
  • Damage caused by fire or explosions
  • Harsh weather damage from events such as train derailments
  • Malicious damage caused during a riot or strike
  • Employee dishonesty
  • Accidental damage during transport
  • Accidental physical loss

It does not, however, apply to damage caused by factors such as faulty products or inadequate packing.

Additional Options for Calgary Wood Product Manufacturing Insurance

How to Manage Risk for Wood Product Manufacturing Insurance

If you're thinking about investing in wood product manufacturing insurance or already have it in place, you are likely interested in avoiding increases in insurance premiums. The best way to do that is by taking preventative risk management solutions that will prevent the need to file insurance claims. When it comes to wood product manufacturing or wood shop insurance, some of the biggest concerns for insurance carriers are:

  • Inadequate measures to control wood dust
  • Ineffective (or completely absent) maintenance and inspection practices
  • Poor supervision of maintenance and cleaning processes

Addressing these potential issues with measures such as third-party inspections, stringent monitoring and documentation, and comprehensive yearly maintenance reporting can make a noticeable difference in both the safety and efficiency of your business operation and the likelihood that you'll need to file an insurance claim. 

Keep in mind that wood shop insurance rates will also be impacted by a number of common factors such as:

  • Business type
  • Annual revenue
  • Your business practices
  • Number of employees
  • Location
  • Past claims history
  • Your insurance coverage options

Where to Get the Best Calgary Wood Product Manufacturing Insurance

You can count on the team of commercial insurance brokers at Krywolt Insurance to find out what your unique business needs to be fully protected with Calgary wood product manufacturing insurance, and to seek out the best options for your unique needs, so you can get the peace of mind that comes with knowing you won't suffer from sudden financial losses. Give us a call today at 403-475-5434 so we can get started on custom insurance solutions for your unique wood shop or wood product manufacturing business.

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You need an insurance expert that understands Wood Product Manufacturing Insurance 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 business. You know your business, we know the risks and the ways to protect your business from potentially crippling law suits or loss.

We don’t offer instant online quotes for Wood Product Manufacturing Insurance 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.
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