3 Benefits of Acquiring Machine Shop Insurance to Protect Your Business
Machinists are a tough bunch. They understand some hazards come with the job, but they are not quick to complain about a mild bump, bruise, or burn. But they also respect the machines they run and are careful to avoid hazards working with drills, grinders, lathes, presses, and more. Nonetheless, accidents will happen. As they say in American Machinist, “Machining and metalworking shops can be dangerous places to work, with a wide variety of potential accidents waiting for workers who are unaware, unalert, or unprepared.”
3 benefits of machine shop insurance:
Protection against damage: General Liability Insurance is an affordable necessity to protect you and your business from various claims including bodily injury, personal injury, property damage, and others arising from your business operations. It protects your business from damages to the property and the machines contained as well as injuries to third parties — visitors, customers, vendors, and so on — on your business property.
Protection against hazards: Your machine shop insurance should be customized to your business needs. Machine shops should name the hazards that typically threaten your business, something you can check on now at garrity-insurance.com.
- Fumes are produced by gas and diesel operated machines, heating metals, and certain materials. Fumes will irritate the lungs and skin over time.
- Particulates are thrown off some machine shop processes like sanding, painting, grinding, and deburring. This dust can damage the eyes, lungs, and/or skin.
- Fluids from metalworking, spray painting, stabilizers, and other processes create airborne threats to eyes, ears, and skin. The dispersants and mists can cling to surfaces and challenge ventilation systems. They may also create surfaces prone to slip and fall accidents.
Protection against business loss: The main benefit of insurance is the peace of mind in knowing the physical property and your personal and business assets are safe. The hazards typical of your machine shop and the potential for claims can result in sums neither you nor the business can survive. If your machine shop is running on thin profit margins, even a small uninsured claim of a few thousand dollars will mess up your operation. Thin margins or not, a claimant who pursue litigation can close your business for good. Only adequate machine shop insurance will let you sleep at night.
One final thought!
Business insurance requirements vary from one state to another. Massachusetts, for example, requires a small business to have Workers’ Compensation Insurance and Commercial Auto Insurance on cars or other vehicles used in or owned by the business.
But they also recommend General liability insurance to cover customer injuries, customer property damage, and related lawsuits. More comprehensive protection is provided by a business owner’s policy, combining general liability insurance with commercial property insurance.
The Small Business Agency reminds you, “Business insurance protects you from the unexpected costs of running a business. Accidents, natural disasters, and lawsuits could run you out of business if you’re not protected with the right insurance.” It’s your chance and obligation to shop now and smart!