Manufacturers Insurance in South Coast MA & RI
Specializing in risk management and insurance solutions for manufacturers in the South Coast of MA & RI
The manufacturing industry has long played an important role in our South Coast economy around Massachusetts and Rhode Island, employing a large share of the labor force and producing materials that are, in some cases, of great strategic importance, such as military ships and aircraft, and in other cases, items that we simply cannot live without, such as food, beverages and clothing.
Over the past one hundred years, HIG has been the local, independent insurance partner for a wide variety of the area’s manufacturers, and thus we have developed a highly in-depth understanding of this industry’s landscape, particularly in Fall River and the surrounding communities. We have witnessed the resilience and adaptability of the region’s manufacturing industry, from producing the shoes, tinware, and cotton textiles of the late 18th century, to making the computers, electronics, communications equipment, pharmaceuticals, and medical equipment of the current 21st century.
Through the decades of doing business with manufacturers like you, we also have seen how important this industry is to our local economy. By exporting billions of dollars in manufactured goods every year and creating jobs for hundreds of thousands of people in the communities we serve, this is an industry whose productivity and success remains critical to the whole region.
Manufacturing Risk & How to Manage It
What the HIG team has also learned from our long-term relationships with many of the area’s manufacturers, is that almost every single one of these clients, no matter the size, has exposures that are the same, or very similar. We are highly sensitive to the fact that, as a manufacturer, you not only have to deal with the same risks year-to-year, but also with many growing and emerging risks. Supply chain and vendor concerns, product quality and contamination issues, and technology and cybersecurity breaches are just a few of the exposures that are probably keeping you up at night.
For a small to mid-sized manufacturing businesses in particular, effective management of all risks is essential to your financial stability. Whereas large organizations can typically absorb losses without too much fallout, losses such as theft, fire, flood, legal liability, injury, or disability, could drastically affect the operations, assets, and reputation of your business. This is why it’s so critical to work with an insurance company, like HIG, that not only offers you manufacturing industry-specific products, but also provides superior risk management services.
Through our strong partnerships with the top insurance providers in the industry, we can provide you with insurance options specifically designed for manufacturers and their unique coverage needs including:
- Computer systems
- Finished goods in transit or awaiting shipping
- Foundation damage from crane and other accidents
- Office equipment
- Others’ tools and dies
- Raw stock
- Shop equipment
- Selling price coverage
- Utility/supply chain failures
- Valuable papers
- Vendors liability
- And much more!
But, what truly sets us apart is that we are also highly experienced in helping manufacturers create and/or improve their Risk Management process. When you choose HIG as your insurance partner, our team will provide you with a better understanding of how each business risk you carry could potentially affect you, your company, the rest of your team, your sales, your bottom line, and, ultimately, your company’s future. In addition, we will help you plan for, control and finance these risks.
There are substantial and measurable results that derive from implementing a comprehensive Risk Management plan, including:
- Few to no on-the-job injuries
- Few to no losses or claims per year
- Your insurer no longer requires a site visit because you have a no-loss/injury record
- You get more and more interest from top insurers to write your insurance
- You get the best rates because you have no losses/workplace incidents
- You have the proper insurance and contracts in place to protect your business assets
On the surface, it’s pretty clear that these outcomes will save you money on insurance premiums. In addition, a reduction in losses also saves you from downtime due to an injury or catastrophe, emotional stress on your employees, negative sales, and much more.
As your insurance advisor and risk management partner, HIG can assist you with information-gathering, analysis and decision-making throughout the Risk Management process, and will work collaboratively with you to identify the most effective solutions that align with your company’s capabilities.
Perhaps you already feel that your company has comprehensive manufacturing insurance solutions and a solid Risk Management plan in place, or, totally the opposite, maybe you’re feeling completely overwhelmed by the process. No matter which end of the spectrum you fall on, or, if like most companies, you land somewhere in the middle of these two extremes, we believe that our team can provide you with a better understanding of your company’s unique exposures and help you enhance your strategies for managing them.
Every day at HIG, we are managing risks hand-in-hand with our clients and we would love to put our experience and knowledge to work for you as well. Please contact us today for a complimentary risk assessment and manufacturers insurance coverage review.
Partner with HIG for the insurance solutions and risk management advice that you need to run a successful manufacturing operation, including:
- Fiduciary Liability
- Pollution Liability
- Product Liability
- Equipment Breakdown
- Errors and Omissions
- Inland Marine
- Installation floaters for materials stored at job sites
- Ocean Marine
- Property Management Insurance
- Commercial Flood Insurance