Calgary Furniture Manufacturing Insurance
Insurance for Furniture Builders in Calgary, AB
As a furniture manufacturer, you create products that everyone needs to make their homes and workplaces more functional, comfortable and beautiful. And, like any other type of manufacturer, you are exposed to some unique risks based on factors such as the type of materials you use, your fabrication processes, your safety practices and more. That's why it is so important to have the best available Calgary furniture manufacturing insurance coverage in place, so you can rest easy at night knowing you are protected from devastating financial losses in the event of a lawsuit, fire, equipment breakdown or dozens of other costly potential problems. Let the team of experienced commercial insurance brokers at Krywolt Insurance track down the perfect coverage for your Calgary furniture manufacturing insurance policy so you can have the peace of mind that comes with knowing you'll be able to recover quickly from unexpected expenses.
What is Furniture Manufacturing Insurance?
The furniture manufacturing industry is, of course, completely necessary to our way of life. But your business does leave you exposed to hazards that could crop up at any moment, leaving you struggling to deal with the financial aftermath of a lawsuit or disaster. Calgary manufacturing insurance is designed to protect you from paying out of pocket for legal fees and settlement costs, as well as damage mitigation and related expenses in the event that your commercial facility or equipment is somehow rendered unusable by events such as fire, theft and natural disasters. It's also possible to include coverage for mechanical breakdowns, product recall expenses, cargo protection and much more, depending on your individual needs for furniture manufacturing insurance. Calgary, AB business owners can rely on the professionals at Krywolt Insurance to put together a comprehensive insurance policy to protect them from all the risks they are most likely to encounter over the course of their business operations.
Who Should Have Calgary Furniture Manufacturing Insurance?
Anyone who runs a furniture manufacturing business, regardless of how large their facility is or how many people they employ, needs a robust Calgary furniture manufacturing insurance policy. Furniture can be created from a wide variety of possible materials, using numerous different techniques and equipment. Regardless of how you choose to run your business and create your products, you need to know that you won't be left paying out of pocket if something happens to prevent you from sticking to your normal production schedule, or if one of your products results in a liability issue and you are forced to defend yourself in court or pay eye-watering legal settlement fees.
Furniture Manufacturing Insurance: Property Coverage
As a furniture manufacturer, you can't just operate your business on the fly at any random location—you need access to the facility and specialized equipment that you've built your manufacturing processes around. What if your equipment experienced a mechanical failure, or your building was seriously damaged in a fire? Most business owners don't have the funds just laying around to take care of major damage mitigation and quickly get back down to business so their bottom line doesn't suffer from manufacturing stoppages. That's why it's critically important to have the right types of property coverage on your furniture manufacturer’s insurance. Here are a few of the types of property coverage you may need or want as part of your Calgary furniture manufacturing insurance.
Commercial Property Insurance
When it comes to furniture manufacturing, almost nothing is more crucial for your business success than keeping your facility and equipment safe and in perfect working order. When it comes to furniture manufacturing insurance, Calgary, AB business owners must have the best available commercial property insurance coverage so they know they won't have to struggle with financial loss in the event of fire, theft or natural disasters. What exactly is covered depends on the type of policy you have—all-risks or named perils—and the risks that are included or excluded in your specific policy. It's important to speak with your Krywolt Insurance broker about the risks that are particularly likely to affect your location or industry in Calgary, AB. For example, if you work primarily with wood, you may be subject to an increased risk of fire damage at your business property. Fire is typically included on all property insurance policies, but you may need more coverage than the standard depending on your materials and manufacturing processes.
Equipment Breakdown Insurance
Imagine you're just in the process of ramping up production to meet a large order from your biggest client—and your most crucial piece of equipment experiences a machinery breakdown. There's no way to complete your manufacturing process without that equipment, and getting it repaired or replaced would take a big chunk out of your operating budget that you really can't afford to lose. That's where your equipment breakdown insurance comes in. Your Calgary furniture manufacturing insurance carrier will provide funds to help with replacement or repair costs for equipment that has broken down because of damage related to motor failure, operator error or power surges.
Stock and Inventory Insurance
Even if you only have it on site for a short time after manufacturing is complete, you likely have to store some finished product at your shop or warehouse facility. You also need a lot of raw material on hand to complete your production cycle for a range of products, and those stock items and material inventory combined add up to a significant financial investment. If a fire ravaged your facility and damaged everything inside, your commercial property insurance would offer some help to recover and get back on your feet—but the cost of that lost stock and inventory likely exceeds the basic limits of commercial property coverage on your Calgary furniture manufacturing insurance policy. With the additional support provided by stock and inventory insurance, you can replace damaged, destroyed or stolen materials and stock to minimize disruption in your supply chain and allow you to get back down to business as soon as possible.
Furniture Manufacturing Insurance: Liability Coverage
There's no doubt that property and equipment damage coverage is a must-have on your Calgary furniture manufacturing insurance policy, but liability coverage can be just as critical. You may be the most careful and conscientious manufacturer out there, but there's simply no way to avoid all the possible errors and omissions that could lead to someone bringing legal action against you. And, it's important to remember that you could be accused of something you truly aren't responsible for and have to pay legal fees to defend yourself in court.Â
Commercial General Liability (CGL)
Commercial general liability insurance coverage is a necessary component of Calgary furniture manufacturing insurance that prevents you from having to pay funds out of your own budget for legal defense costs if someone makes a third-party claim against you for bodily injury, property damage, or personal harm. It also helps to cover the cost of legal settlements should a lawsuit against you be successful. That includes third-party medical bills, along with the cost of repair or replacement for damaged property belonging to someone else.
If a delivery driver is offloading a shipment in your cargo bay and injures themselves on a slippery surface that wasn't properly cleared of ice buildup, they could be injured and choose to sue you so they can recover the cost of their medical bills and other expenses incurred during rehabilitation. In a situation where someone else is injured or their property is damaged and you are allegedly responsible, commercial general liability coverage ensures that your insurance company will cover associated costs up to the limits listed on your policy.
Product Liability Coverage
Every manufacturer would like to believe that there's no way their products could cause injury or other types of harm once they're out in the world being used, but realistically, there's no way to guarantee that. What could go wrong when the consumer is simply sitting in a chair or lounging on a bed that you manufactured? As it turns out, plenty. What if you manufactured a chair with a design flaw that caused the legs to snap if someone leaned back too far and several people were injured? Or, what if you created nursery furniture such as cribs or change tables that didn't meet the minimum safety regulations for infant-related items in Canada? If you have product liability insurance as part of your Calgary furniture manufacturing insurance policy, your insurance company will support you with funds to take care of legal costs, settlements and other costs associated with a liability claim for injury or damage resulting from your products.
Additional Calgary Furniture Manufacturing Insurance Coverage
There are a number of other types of coverage you may need for your furniture manufacturing business. Not sure what types are best for your unique insurance needs? Rely on the team of experts at Krywolt Insurance to put the ideal package of Calgary furniture manufacturing insurance together for you. Additional coverage to consider includes:
Is Calgary Furniture Manufacturing Insurance Required By Law?
No it's not. In fact, business insurance in general is not mandatory in Canada (with the obvious exception of commercial auto insurance). That being said, it would be reckless to operate a furniture building shop without the best available Calgary furniture manufacturing insurance. Sometimes things happen that are beyond our control, and those things can have major financial consequences that could be completely devastating and even put you out of business permanently. With the financial protection afforded by furniture manufacturing insurance, Calgary, AB business owners have peace of mind knowing they'll be able to recover from a disaster or lawsuit and continue to build the business they've worked so hard on.
There's another way that going without Calgary furniture manufacturing insurance can harm you financially. Many suppliers, distributors and retailers will refuse to work with a manufacturer who is not protected by adequate insurance coverage. If you don't have insurance in place, you could end up being forced to leave some lucrative contracts on the table for your competitors to snap up instead.
Are Liability Claims Common for Calgary Furniture Manufacturing Insurance?
It may come as a surprise to some people to learn that liability claims are very common throughout the broader manufacturing industry, and furniture manufacturing is no exception. Most business owners can clearly understand the benefit of property-related insurance—everyone has had to deal with issues like flooding or theft before, either at home or at work, so it just makes good sense. But it can sometimes be more difficult to understand why liability insurance is so needed, especially if you've never been faced with a lawsuit before. The facts are that liability-related expenses can cause incredible financial damage to your business and there's a solid chance you will be exposed to liability issues multiple times over the course of your business operation. Why take the chance when you can get Calgary furniture manufacturing insurance and sleep easily at night?
Where Can I Get a Good Rate for Calgary Furniture Manufacturing Insurance?
That's easy—get the best available Calgary furniture manufacturing insurance coverage at competitive rates by calling an experienced insurance professional at Krywolt Insurance. We will work tirelessly to find the coverage you need at an affordable rate—your business is completely unique, and your furniture manufacturing insurance should be too. Call us at 403-475-5434 to find out more, or contact us online to get a customized quote.
