In 2016, Samsung had to recall around 2.5 million brand-new phones because they were randomly combusting. The company tried to correct this issue by changing the battery and updating the product, but nothing worked. In the end, the incident cost Samsung an estimated $17 billion. 

This is a prime example of why manufacturers’ insurance is so vital to businesses. Manufacturers have dozens of insurance options, from general liability to property insurance, but which one is the best option for your business?

The Most Common Insurance Options

When people think of commercial insurance, general liability is one of the first policies that come to mind. It covers a manufacturing business for injury and damage to property. For example, in the Samsung incident, insurance covered injuries caused by phones.

But, what if a product you manufacture is used as part of a larger product? In that case, general liability may cover you for injury and damage, but not company losses. If the next business in the supply chain loses money because of a fault with your product, you may be liable. This is true whether it causes damage, injury, or costs them in any other way.

This is where product insurance can help. It protects you from financial losses in this scenario. But in that case, you may still have to recall and replace the product.

Rather than paying for multiple policies such as these, which could still leave a gap in your liability, it’s best to work with a niche insurance agent because they can create a watertight, tailor-made solution to fit your exact needs.

Tailored Insurance for My Business

By working with an insurance agent that specializes in niche policies, you get a specialist’s insight into your most at-risk areas. Getting insurance to cover every eventuality can be incredibly expensive, so instead of covering every possible damage and liability, they help you cover just what you need.

Agents do this by conducting a thorough survey of your property and products. They then identify your risks and make sure your policy explicitly covers them. This can include everything from transportation issues to service interruption.

That way, you’re covered for every scenario you could face. But you’re not paying five overlapping policies to do so.

Work With the Tailored Solution Specialists

At Soden Insurance, we specialize in helping those in specific niches get the coverage they need. We want to see your business thriving, not held up by unexpected liabilities and claims.

Talk to us today so we can get to know your business. We’ll make sure you’re thoroughly insured.

If you want to get a cost estimation before you talk to us, we can do that too! Request a free quote to see how much you could save by choosing a single policy.