Machine shop owners face a myriad of liabilities each day. In the high-risk environment, workers perform duties on machinery that is dangerous and could present a risk of an injury anytime. The business owner must get proper insurance coverage to protect their business against these liabilities. Without proper coverage, the business owner faces serious financial losses.
Property Insurance Coverage
Property insurance coverage pays out when property damage happens because of a covered event. The covered events often include fires, natural disasters, criminal vandalism, and break-ins. Some policies cover water leaks and risks related to the leak, but the property owner must find the leak and report it quickly. When damage happens, the insurer provides funds to repair the property. If the property was destroyed by a covered event, the policy provides replacement funds. Business owners can learn more about commercial property insurance from Garrity now.
Worker’s Compensation Coverage
Worker’s compensation coverage pays for medical costs for injured workers that were involved in an accident on the job. The terms of the policy define a workplace injury as any injury sustained within the work environment whether on-site or off-site. The worker’s injuries must be related to their job duties or hazards found within the workplace. If the worker cannot return to work immediately, the policy provides wage replacement for the full duration of the worker’s recovery.
Loss of Income Coverage
Loss of income coverage provides funds if the business must shut down. It covers any business-related interruptions such as the property was destroyed, and the business owner cannot operate the business until they secure a new property. It also covers shutdowns ordered by the state or federal government including pandemics that require the business to cease operations. The funds are available after the business owner files a claim. They pay for operational expenses, worker wages, and provide income for the business owner.
Bodily Injury Coverage
Bodily injury coverage offers help if anyone is injured inside the machine shop. Typically, the coverage applies to visitors that come to the business location. However, it is available for contractors who are working at the shop, too. It might provide additional coverage if a worker sustains severe or life-altering injuries that aren’t covered fully by worker’s compensation coverage.
General Liability Coverage
General liability coverage provides financial assistance if the company becomes the defendant of a lawsuit. It covers the cost of medical expenses, wage replacement, and other financial claims presented by visitors or clients. This also includes breach of contract claims that could increase the financial loss for the company. The liability coverage offers help for most major liabilities the company faces by operating or selling products to consumers. The business owner must obtain proper insurance coverage to protect their assets. Asset coverage includes property and commercial auto coverage. Worker’s compensation coverage is available when a worker is injured on the job and requires medical services, and it covers replacement wages for workers with more severe injuries. Reviewing the terms of the policies helps the business find all the policies they need for comprehensive protection.