Property Coverage for Geothermal Manufacture

Geothermal manufacture and installation has many components. For example, even creating the big, resin-based pipes has a number of steps including drying the material, mixing it with colorant, and heating it.

And that’s just the beginning of the production process. Furthermore, geothermal manufacture components require large quantities of protective storage space throughout production. For instance, prior to pipe production, geothermal manufacturers typically store the resin in a series of silos, which can incur expensive damage.

Property coverage protects all of these components and any other business property . For example, it includes furniture, fixtures, equipment, automobiles,stock, machinery, etc. Your insurer may require periodic updates on your business’s stock of raw materials and goods to settle any claims accurately.

For example, what would happen if a silo fell down in a storm, temporarily suspending pipe production?  Luckily, coverage for business interruption and extra expense insurance could make up for for any loss of income.

Liability Coverage

For small manufacturing businesses, commercial general liability (CGL) insurance will probably work best.  In essence, this type of policy covers the liabilities that result from the location or activities of any business, such as:

• Personal injury
• Damage of Property
• Warranties (or a failure to provide warranties)
• Equipment or materials furnished in connection with the geothermal materials

Liability risk is inherent to every business. In the case of geothermal manufacture, these liabilities can be even more acute. For instance, if a manufacturer uses the wrong size of equipment, he can damage the effectiveness of the entire system. Mistakes happen to even the most qualified, careful manufacturers and planning for these risks is key.

A CGL policy provides a broad range of coverage. The most important coverage for manufacturers is Products-Completed Operations Coverage. In the event of a lawsuit claiming that a product manufactured by your business caused injury or damages, this coverage will pay for the legal defense and damages.

Workers’ Compensation

The geothermal manufacture and installation process is physically and mentally demanding. And workers expose themselves to a variety of risks. For instance, even knowledgeable employees experience some hazard in the process of physically adapting an existing electrical system. In particular, the large size and underground installation of the geothermal system causes  dangerous situations for employees.

For the safety of the geothermal manufacture workforce, prevention is always the best option. To prepare for a workplace accident, you need the correct insurance coverage. Workers’ compensation insurance covers the costs of wages and medical expenses for employees who get hurt or sick on the job. Most states require a company to have a workers’ compensation policy. If you don’t know your state’s requirements are, check with your insurance agent.