Luggage Manufacturer Insurance
The luggage manufacturing industry is worth over $40 billion globally and is still growing. Whether you produce suitcases, backpacks, briefcases, computer cases, or other types of bags, you need to attain luggage manufacturer insurance in order to protect yourself, your employees, and your customers. Before you start looking for a policy, you should get to know the types of coverage that make up this kind of business insurance.
General Liability FOr Luggage Manufacturers
$36 A Month
The general liability portion of your business insurance is important to have because it will pay for the medical treatment of anyone who is injured while visiting your place of work. Similarly, it will cover the medical bills of anyone who is hurt while using the luggage your company makes. If your product somehow damages someone's personal property, you will need the general liability coverage that comes with your luggage manufacturer insurance policy. And if another company accuses you of copying their ideas, slogans, or advertising content, or even committing slander or libel, liability will cover the lawsuit.
Business Owners (BOP)
When you own a luggage manufacturing company, you need a business owner's policy, which features several types of coverage meant to fully protect your business. Examples of what this covers include business personal property, valuable documents, and drain or sewer backup. More broadly, if your building and its contents are damaged by fire or vandalism, your BOP will cover the cost of repair or replacement. The same coverage will pay to replace anything stolen by a burglar or during a robbery.
Commercial Auto Coverage
When you use your car to travel for your business, you should keep in mind that your personal car insurance policy will not cover any collisions you might have. This means that if you or your employees cause an accident while delivering luggage or performing any other business-related errands, you will likely have to pay for any resulting property damage or medical treatment. This is why you need commercial auto coverage as part of your luggage manufacturer insurance, since this will pay for any car accident claims related to your business.
Workers Comp Insurance For Luggage Manufacturers
Your business insurance needs to include workers comp if you have one or more employees. This coverage is important because it ensures that any employees who are injured at work will have their medical bills paid for by your policy. They will also receive compensation for any lost wages while they recover. Without workers comp coverage, any injured employees could sue you for the cost of medical treatment, rehabilitation, lost wages, and any other damages.
You have luggage manufacturer insurance to cover any lawsuits that may be brought against your company, but sometimes the minimum coverage is not enough. That's why you need excess liability. If you are ever faced with an expensive lawsuit that exceeds your liability limits, you will be glad to have excess liability available to cover the extra costs. Without it, you will be expected to pay for the remaining costs after your regular policy limits are exhausted.