Protecting Your Injection Molding Operation with Comprehensive Insurance Coverage
Running an injection molding manufacturing business comes with complex risks and exposures. As a plastic parts producer, you face hazards ranging from property damage and supply chain disruptions to product liability claims and employee injuries.
Securing comprehensive insurance tailored for injection molders is crucial to protect your facility, finances, and future.
Let’s examine key coverage manufacturers like you require and highlight why partnering with specialists like The Allen Thomas Group can provide your operation with an insurance solution as precision-engineered as the products you craft.
Table of Contents
Managing Your Manufacturer Risks
Operating an injection molding plant is a challenging balancing act. You must maintain tight process control amidst high-pressure production runs, shifting customer demands, complex equipment maintenance needs, and regulatory pressures. Comprehensive insurance tuned to the intricacies of your business helps you minimize risks in key areas:
Your building, production machinery, molds, inventory, and other physical assets are vulnerable to fire, windstorms, theft, and a range of accidents and natural disasters. Commercial property insurance reimburses repair or replacement costs and keeps you operating after a loss.
If disaster strikes, property insurance often isn’t enough. You also need protection from income loss and extra expenses while recovering from physical asset damage. Business interruption insurance provides vital cash flow until you’re fully operational again.
Despite rigorous quality control and safety protocols, you face substantial liability exposures. Product liability coverage is vital to protect you when a flawed part you produced causes damage or injury downstream. General liability insurance handles slips, falls, and other premises incidents.
Your company vehicles face accident risks every time they’re on the road for a delivery or other business purpose. Commercial auto insurance safeguards your fleet and protects you when employees have an accident while driving for work.
Even in mechanized production facilities, worker injuries happen. From back strains to burns, employees can get hurt on the job. Workers’ comp insurance meets state regulations while promptly covering employee medical bills and lost wages.
Professional liability insurance, also called errors and omissions coverage, is very important for protecting injection molding companies from claims by others that come from supposed mistakes in their services. Even when an injection molding company tries very hard, mistakes can happen in designing molds, making contracts, project management, and other professional services for customers.
E&O insurance covers the possibly big legal costs and damages if a customer claims the company’s professional services caused them financial harm. Policies can also pay for costs linked to re-doing bad work. Having strong professional liability limits stops expensive claims from putting an injection molding company out of business.
As a goods manufacturer, you also need protection from business disruptions from equipment breakdowns, goods damaged during shipping, employee theft and dishonesty, cyber incidents, and more. Top-tier inland marine and crime policies fill coverage gaps.
Situational Examples Of Insurance Coverage
Product Liability Claims
An automotive parts supplier purchases plastic injection-molded components from your manufacturing facility to include in a new model car’s braking system. Six months after the new cars hit the roads, drivers started reporting brake failures, resulting in multiple accidents.
The brake manufacturer traces the issue to a defect in your injection molded parts and files a major product liability lawsuit demanding you pay for property damage, injuries, and recall costs. Your product liability insurance covers the expensive legal fees to defend you and any judgments or settlement costs awarded.
A major electrical storm produces a power surge in your facility overnight, sparking a fire that severely damages several injection molding machines, destroys raw plastic resin supplies, and results in smoke contamination of finished parts inventory.
Your property insurance policy pays for costly gear repairs, replacements for destroyed equipment and inventory, facility repairs and cleanup, as well as business income losses from production downtime during recovery efforts.
Your coverage ensures you can resume full manufacturing operations as quickly as possible.
Gaining Peace of Mind with Comprehensive Plastic Manufacturing Protection
Attempting to patch together an insurance program using basic small business policies leaves your injection molding operation vulnerable. Gaps and inadequate limits quickly become apparent when disaster strikes.
Partnering with veteran insurance professionals attuned to the unique risks molders face is the smartest path to comprehensive protection.
Specialist agents at The Allen Thomas Group with experience in precision manufacturing insurance for plastic manufacturers have the expertise to identify and measure your specific exposures. They can tailor a policies-in-one manufacturing industry solutions covering all your risks at appropriate limits.
The Search for Your Ideal Insurance Partner
Discovering the right insurance advisor for your injection molding business is an important endeavor. Be wary of agents who dabble across industries. Manufacturing insurance is a complex specialty requiring in-depth knowledge of equipment nuances, supply chain vulnerabilities, product liability claims, and the other intricacies of your world.
Seek out trusted risk advisors with proven expertise insuring plastics companies. Ask prospective agents key qualifying questions:
- How long have you focused on the manufacturing insurance field?
- Are you intimately familiar with the injection molding production process?
- Do you have existing molding industry clients as references?
- Will you conduct an on-site survey of my facility and operations?
- Can you deliver a custom-designed plan for my unique mix of machinery, facility layout, products, and risk exposures?
Choose your partner carefully to benefit from sophisticated risk analysis and ingenious insurance solutions.
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The Allen Thomas Group: Your Injection Molding Insurance Coverage Specialists
With over 20 years of securing comprehensive coverage for plastics companies across America, The Allen Thomas Group understands the challenges you face.
Our passionate team of manufacturing insurance veterans enjoys immersing ourselves in your world to craft custom-fit policies.
We thoroughly analyze your equipment, workflows, products, supply chain dynamics, safety protocols and other proprietary facets. This meticulous risk examination allows us to deliver solutions dialed to the distinct needs of your injection molding operation.
The Allen Thomas Group partners with respected insurers like Liberty Mutual, AmTrust, The Hartford, and Travelers to surround your business with protection at competitive rates.
By tapping into our experience and carrier relationships, you gain:
- Comprehensive policies expertly tailored for injection molders
- Access to enhanced coverages and risk control services
- Clout to resolve claims quickly and fairly
- The power of an advocate with deep manufacturing expertise
- Ongoing risk management guidance to help avoid claims
- Peace of mind knowing your operation is protected
- Our passion is keeping plastics producers in business and thriving. We ease your insurance burden so you can focus on excelling at what you do best — satisfying customers with high-quality molded parts.
Getting The Right Insurance For Injection Molding Manufacturers
We know how frustrating and complex the process of finding the right coverage can be and how it slows down your production.
Let us help fix it for you in 3 easy steps.
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Get Injection Molding Insurance Shaped For Your Needs
Don’t leave your company’s potential future to chance. The Allen Thomas Group’s injection molding insurance solutions let you operate confidently, win new business, and focus on growth rather than worrying about a wide range of risk scenarios.
Contact us today to discuss your manufacturing challenges.
We’ll provide actionable risk management insights and recommend coverages precision-calibrated for your operation. Get a quote for your injection molding company now.