Tennessee Manufacturing Insurance

The most critical coverages for Tennessee manufacturers are workers’ compensation, which is required by law, general liability insurance to protect against lawsuits, and property insurance to cover your physical building and equipment assets. Business interruption insurance is also highly recommended to cover income losses if your operations are halted.

Though BOPs cover core business risks, they lack specialized coverages geared for the daily hazards manufacturers face, both on the production line and in the marketplace. Dedicated manufacturing insurance packages protect against product recalls, equipment breakdowns, supply chain disruptions and more.

Major factors setting rates include your location, claims history and risk management record, equipment value and building construction, hazardous operations like combustible dust or chemical handling, and revenue size of your business. The right provider partners with you on safety to control premium costs.

For fabricators especially, product liability from alleged metal defects, worker burn/amputation/laceration injury claims, fire risks from welding and cutting machinery, and employee theft of metal materials and tools should remain top of mind from an insurance perspective. Partnering with risk management experts prepares you.

The top industries in Tennessee’s manufacturing sector include:

1. Transportation Equipment Manufacturing:
– Tennessee’s largest industrial sector is transportation equipment manufacturing, which includes the production of automobiles, aircraft parts, and other transportation-related products.

2. Automotive Manufacturing:
– Tennessee has emerged as a major hub for the automotive industry, with several major automotive manufacturers having assembly plants in the state, such as Nissan, General Motors, and Volkswagen.

3. Food Processing:
– The state is home to a number of major companies in the food processing industry, and the sector generates significant economic output and employment opportunities.

4. Advanced Manufacturing:
– Tennessee is a leader in advanced manufacturing, with a focus on producing a wide range of high-tech and innovative products, including medical equipment and supplies.

5. Other Key Sectors:
– In addition to the above, Tennessee’s manufacturing outputs also include processed foods and drinks, chemicals, electrical equipment and appliances, fabricated metals, and machinery.

These industries collectively contribute significantly to the state’s economy and employment.

Citations:
[1] https://www.industryselect.com/blog/top-10-manufacturing-companies-in-tennessee
[2] https://livability.com/tn/education-careers-opportunity/top-industries-in-tennessee/
[3] https://en.wikipedia.org/wiki/Economy_of_Tennessee
[4] https://tnecd.com/industries/advanced-manufacturing/
[5] https://nam.org/state-manufacturing-data/2021-tennessee-manufacturing-facts/

1. Understanding Tennessee’s Manufacturing Pulse:

• Ranking and revenue: https://tnecd.com/media/awards/
• Department of Economic & Community Development resources: https://www.tn.gov/ecd.html

2. Forging Your Shield: Essential Coverages for Tennessee Manufacturers:

• Workplace injuries: https://www.bls.gov/
• Product liability claims: https://www.mondaq.com/insurance-laws-and-products/193910/the-actual-cost-of-an-insurance-policy
• Severe weather events: https://forecast.weather.gov/MapClick.php?textField1=36.1627&textField2=-86.7816
• Downtime costs: https://www.iiot-world.com/predictive-analytics/predictive-maintenance/the-actual-cost-of-downtime-in-the-manufacturing-industry/
• Cyberattacks costs: https://www.dhs.gov/sites/default/files/2022-03/Cybersecurity%20and%20Infrastructure%20Security%20Agency%20%28CISA%29_Remediated.pdf

3. Tailor-Made Solutions: Weaving the Perfect Insurance Fabric:

• Savings on off-the-rack policies: You can use a generic statistic from a reputable insurance resource like https://www.iii.org/.

4. Your Partner in the Production Line: The Allen Thomas Group Difference:

• Independent agency benefits: https://www.nationalpa.org/post/copy-of-why-consumers-prefer-to-work-with-independent-agents-over-buying-direct