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Machine Shop Liability Insurance
Machine shops provide a wide variety of services and products to their customers. The machine shop you own may produce unique merchandise for your customers to sell or it may focus on providing services such as repairing or patching worn metal tools and crafting replacement parts for existing machinery. Regardless of how your company specifically operates, as the owner you are responsible for a number of different tasks each day. You must keep the company running and profitable while also keeping your employees and customers both safe and happy. One way to relieve some of your responsibilities is to carry general liability insurance for machine shops.
Bodily Injury Coverage
Bodily injury coverage protects your customers if they ever come to harm in or around your business premises. This portion of your general liability insurance for machine shops also protects you financially as well as legally, because it pays for the expenses that arise when medical care is needed for the injuries.
Property Damage Coverage
Property damages coverage protects your customers personal property when it is on or around your business premises. If a customer’s personal property is damaged or destroyed while they are at your machine shop, this section of your general liability insurance will pay for the cost to repair that property or replace it when necessary.
Products and Completed Operations Coverage
Your machine shop may manufacturer the goods that it sells or it may provide services to repair the goods of your customers. When you manufacture products and something goes wrong, the products can harm a customer after they have purchased it. When you provide services however, there may be defects or problems with the services that are not discovered until after the fact. When products or services cause injury or harm to a customer, the products and completed operations section of your general liability insurance for machine shops will protect you from the legal and financial consequences that can arise.
Personal and Advertising Injury
Personal and advertising injury is the portion of your general liability insurance for machine shops that helps protect you when other types of lawsuits and allegations arise. If a customer, supplier, competitor or other party files legal actions against you with allegations of harm related to slander, libel, copyright violation and similar issues, this portion of your insurance policy provides the protection.
Damage To Premises Rented To You
If you conduct business operations in a rented location, this section of your general liability insurance policy applies. Rental locations can include the machine shop that you create or repair items in, a rented storage warehouse or a rented retail location. Most property owners will not rent or lease the space to your company without this coverage, because rental premises damages pays for the cost of repairs to the property when your company causes damages and loss.
Medical Expense Limit
Medical expense limit insurance is extra coverage that can help prevent larger problems from small injuries. If a customer claims to have been injured or physically harmed at your machine shop, this section or your general liability policy can pay for minor medical bills whether you are at fault for the accident or not. Paying small claims like this helps avoid larger lawsuits or allegations later.
Limits of Liability Insurance
- Each Occurrence – General liability insurance for machine shops pays on an each occurrence basis, which means there is a set maximum amount that will be paid per person each time it’s needed.
- General Aggregate – The general aggregate amount is the maximum total that your general liability policy can pay for all individual occurrences combine.