5 Fast Facts About Auto Parts Makers' Insurance
As an auto parts maker, you’re in a multi-billion-dollar industry in Canada.
You can be prepared and protected against unexpected risks that could harm your auto parts manufacturing business with a customized insurance package.
Here are 5 facts that you need to know about auto parts makers’ insurance:
- Commercial Liability Insurance (CGL): This type of insurance covers claims made against your auto parts operation for injuries or accidents that occur on the premises, such as a customer slipping and falling. The usual minimum required in CGL is at least $2 million in coverage.
- Commercial Property Insurance: It covers damage to your building, equipment, and inventory. It is important to have adequate property insurance in place because the cost of replacing damaged or destroyed equipment can be substantial.
- Cyber insurance: This type of insurance covers risks related to hacking, cyberattacks, data breaches, and other cyber-related incidents. Cyber insurance is becoming increasingly important because many car parts manufacturers use advanced technology and store sensitive information, such as customer data or proprietary designs and intellectual property electronically.
- Business Interruption Insurance: This covers lost income due to events that disrupt the operation of your auto parts manufacturing operation, such as power outages or natural disasters.
- Product Liability Insurance: This type of insurance covers claims arising from defects or problems with the products you manufacture. It is important to have this type of insurance in place because it can be very expensive to defend against a product liability lawsuit.
Your Western business insurance expert will go over the details of an auto parts makers’ insurance package to protect your auto parts manufacturing business.