A heavy reliance on custom equipment and machinery has made manufacturing much safer, but it has also introduced a new business consideration. If a piece of machinery breaks, what coverage is in place for loss of income during the period of restoration?
Industrial distributors face a complex set of risks that if not properly managed can result in poor financial performance, or in extreme cases jeopardize the business itself. These risks are managed by a number of people and functions in a distributor’s organization. Furthermore, purchasing departments are mindful of their supplier agreements, exposure to price shifts, and diversity of suppliers.
Cyber Security in Manufacturing & Engineering: How to Manufacture the Best Strategy for Your Company
The common movie theme where a wild robot wreaks havoc on an unsuspecting human populace (i.e., Terminator) has not happened yet (at least not that we are aware of); nor keep reading >
If you are a manufacturer, there are three types of product defects you need to be aware of: design defects, manufacturing defects and marketing defects. Not only can your defective product liability claims drive up your insurance premiums, but they can make it difficult for you to insure your business at all. Knowing the crippling impact of product defect issues, it is important for manufacturers to take the right steps to mitigate risk.
While many businesses are aware of the need for Business Interruption Insurance, what they don’t realize is that it is strictly limited to a loss that occurs to their property, not one experienced by their suppliers or customers. This is why certain businesses, especially manufacturers, need to consider Contingent Business Interruption Insurance.
In a surprise move, the Pennsylvania Supreme Court declined to hear the appeal filed by National Union in a case involving a window manufacturer whose windows leaked and caused third-party damage. This ruling signals an improvement in General Liability coverage in Pennsylvania. We’ll tell you what this all means for manufacturers and contractors.