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As a manufacturer of goods, one of your main concerns when it comes to commercial insurance in New York should be products liability coverage. If your product injures a person or causes property damage due to the negligence of your firm, your company can be found legally liable and forced to pay damages. This type of policy is intended to protect a business from product liability claims.

Building a manufacturers insurance program

Following this process will lead to an insurance program that is both affordable and covers your most likely losses. You need to design your coverage beginning with an analysis of your loss exposures, based on an understanding of your operations and your historic loss experience.

Start with the mandatory coverages, which typically include general liability and usually property insurance. The Comprehensive General Liability (CGL) insurance policy may contain multiple coverage parts. Coverage for product liability is provided with the CGL when it includes a separate Products Liability and Completed Operations Coverage Part. Be sure this is included in your policy.

Generally policies are written with a $1,000,000 per occurrence/ $2,000,000 annual aggregate limit, although higher limits are becoming increasingly common. This coverage is often extended to protect venders of your products through the addition of a vendor’s endorsement.

Other insurance requirements

In addition to a Commercial General Liability policy, Property insurance coverage should have limits high enough to allow you to rebuild your facility. Pay particular attention to the perils that are covered, preferably “Special Perils,” which means all risk except as excluded (typically flood and earth quake). It should include a provision for business income and extra expense incurred while your facility is being rebuilt.

If vehicles are used you will also need auto insurance to protect your firm from any kind of auto related liability. Umbrella or excess liability protection adds additional limits for large, third party claims.

Higher deductibles may save significant premium dollars, particularly if you make or sell hazardous products, or if you have high property values. Don’t forget about Executive Risk exposures, such as Directors and Officers Liability (D&O), Employment Practices Liability (EPLI) and Fiduciary insurance. These coverages extend to the personal assets of your directors and officers.

Younger adults are now looking to buy long-term care insurance as a way to balance the possible need for nursing home or in-home care with the considerable cost of those insurance premiums. Understand that people who already have serious medical conditions are ineligible for long-term care insurance, which requires health assessments before applicants obtain coverage. Some question whether it makes financial sense to you, if you are still in your twenties or thirties, to purchase a long-term care policy at a young age.

The insurance will provide benefits due to accidents, health issues    

Long-term care is not just for those persons getting close to the retirement age. Recently, a growing number of young adults in their 20′s and 30′s are obtaining long term care Hamilton insurance. The American Association for Long-Term Care Insurance released a study that found a 28-year-old who had been receiving benefits from his insurance for four years.  He purchased the coverage at 21 and received his first benefit at 24. Younger individuals have accidents and are often diagnosed with health conditions that result in the need for care for months and often years

In 2011, the long-term care insurance industry paid $6.6 billion in claim benefits to over 200,000 individuals. One of the advantages for younger people is that they tend to qualify for coverage more easily and pay lower premiums. A policy that provides for $164,000 in total benefits over time before it runs out, with the option to increase coverage in the future, costs roughly $635 annually, or about $53 a month. You should consider buying the insurance if it fits into your budget since premiums may be quite low at a time when you may not own a home or have children.

Escalating costs for care is a risk for the uninsured

While you may not expect to need long-term care, we all know people who have suffered from serious car accidents, work accidents, or the onset of a medical condition, which resulted in the need for prolonged medical care. If you were to ask those persons, they likely did not expect to be in that position, but were fortunate enough to have purchased a policy in case the need did arise. With the costs of extended care exceeding $4,000 to $5,000 per month, you may want to consider long-term care insurance as a method of protecting yourself and your family from a financial catastrophe.

Here at MT Politics we will continue to talk about what is new with Montana Politics and any new coverage. This week Governor Steve Bullock delivered his first “State of The State” address last night to the Montana Legislature. Watch the full video and text of the speeches here!

GOVERNOR:
Steve Bullock (D)

LIEUTENANT GOVERNOR:
John Walsh (D)

SECRETARY OF STATE:
Linda McCulloch (D)

ATTORNEY GENERAL:
Tim Fox (D)

STATE AUDITOR:
Monica Lindeen (D)

U.S. SENATE:

Max Baucus (D)

U.S. CONGRESS:

At Large:
Steve Daines (R)