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Liability and the Metal Manufacturing Business

We live in a litigious society.

What does that mean for your metal manufacturing business?

It means, of course, that you need to take every precaution to prevent potential lawsuits. But it also means that you must have the right insurance in place in the event that someone does proceed with a lawsuit against your organization.

Your general liability insurance protects you in the event of third-party lawsuits. It will provide coverage for attorney fees, court costs, and settlements and judgments (up to the limits of your policy). If a visitor to your plant slips and falls, for instance, and a lawsuit results, your general liability policy will come into play.

But, unfortunately, this isn’t your only liability exposure.

As a manufacturer, you must also be aware of product liability risks. If one of your products is defective or it malfunctions and a user experiences a loss or injury, product liability insurance will come into play. (It’s important to note that this coverage is usually included in standard commercial general liability policies. However, you must ensure that, if this is the case, the coverage included is sufficient.)

These are liability situations that involve people outside your company—but within your company, there are also liability exposures. Employment practices liability insurance protects your company in situations that are not covered by your general liability policy; for instance, if an employee files a lawsuit claiming wrongful termination, sexual harassment, or discrimination, your EPLI policy will cover your legal costs.

The last thing any business wants to deal with is a lawsuit—but let’s face it: with the right insurance in place, the threat of legal liability becomes much less terrifying, and much more manageable.

For more than 25 years, Beall Financial and Insurance Services, Inc., has been helping corporations and individuals protect their most important assets. The agency’s client base covers a spectrum of businesses that require specialized insurance packages and knowledge. With offices in California and Indiana, Beall Financial and Insurance Services serves clients nationwide.