5 Fast Facts About Aerospace Insurance
Ontario is home to many aerospace companies employing over 25,000 in direct aerospace jobs and almost 19,500 in indirect jobs. Your aerospace business needs to be protected with insurance against any unexpected risks that could harm your aerospace parts and manufacturing company.
A customized aerospace insurance package will help you meets the demands of your contractors, given the risk landscape of your industry.
Here are 5 facts that you need to know about insurance for aerospace manufacturing businesses:
- Commercial Liability Insurance (CGL): This type of insurance covers claims made against your aerospace company 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 due to the use of advanced technology and storage of sensitive information, such as customer data or proprietary designs and intellectual property electronically.
- Business Interruption Insurance: This covers lost income due to events that could disrupt the operation of your aerospace company, 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 expensive to defend against a product liability lawsuit.
Your Western business insurance expert will go over the details of an aerospace insurance package to protect your aerospace parts and products manufacturing business.