Wind Insurance for Manufacturers
For a wind turbine manufacturer, a business owners policy (BOP) is likely the most cost effective way of protecting your business. A BOP is package of insurance coverages with a single premium.
Insurance companies usually have various insurance options to help any wind turbine manufacturer. A typical business owners policy will include property and liability insurance with the option to add additional coverage as needed.
Property coverage protects any business property your company owns. This includes real estate, equipment, machinery, raw materials and inventory. If your company rents its production space, in the event of a loss, your policy should cover any improvements made by the tenant to the rented space. Your insurer may require periodic updates on your business’s inventory of raw materials and goods so any claims can be settled accurately.
You can also include for business interruption coverage and extra expense insurance in the policy. Business interruption insurance will provide compensation for lost income in the case of business shutdown. In the event of a loss, extra expense insurance will cover expenses such as rent for temporary business accommodations.
Liability risk is inherent to any wind turbine manufacturer. A business owners policy provides a liability package with a broad range of coverage. The most important coverage for manufacturers is Products-Completed Operations Coverage. In the event of a lawsuit claiming a product manufactured by your business caused injury or damages, this coverage will pay for the legal defense and damages.
For the wind energy manufacturer, a regular personal auto policy may be cover their vehicle use. However the business owns the business or is the vehicle’s primary user, a personal auto policy, your company will need a commercial policy. If you forgo commercial auto coverage your company may be liable if you get in an accident while using a personal vehicle for business. If your personal coverage limits are not high enough to pay all the damages from an accident, someone may file a lawsuit against your business. Before deciding to rely on personal auto coverage, you should discuss your current coverage limits with your insurance agent.
Wind turbine manufacture jobs can be physically and mentally demanding, exposing workers to a variety of risks. When considering the safety of employees, prevention is always the best option. That said, you should prepare for any possible incidents with the correct insurance coverage. Workers compensation insurance will provide compensation for wages and medical expenses of employees who are injured or become ill on the job. Most states require a company to hold a workers compensation policy for their employees. If you are unsure of your state’s requirements for worker’s compensation coverage check with your insurance agent.
Contact us to begin setting up your policy today. We can’t wait to hear from you!