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In spite of many advancements to improve machine shop safety over the past several decades, there are a variety of hazards still present for any worker who uses machine tools. Employees who use heavy machinery and other equipment on a regular basis may be exposed to multiple types of injuries. Plus, machine shops that contain hazardous materials and chemicals can subject an employee to a long-term illness.
As a machine shop owner, it's imperative to protect your business and employees against these and other risks. With workers' comp insurance for machine shops, you can be better prepared to face uncertainty that arises with confidence.
The Importance of Workers' Compensation for Machine Shops
Since there are so many hazards present in machine shops, there are multiple risks your employees face on a daily basis. If an employee becomes injured or suffers an illness due to a workplace situation, you could be held responsible for the incident. The costs of medical expenses can add up quickly, and you can never be certain that an injured individual won't sue your business. Workers' compensation can be a safety net for your business in many ways.
How Does Workers' Comp Protect My Employees?
If an employee suffers a work-related illness or injury, machine shops workers' compensation can help to cover:
Partial lost wages
Unfortunate work-related incidents can stem from anywhere, and, all too often, accidents occur from unusual situations. For example, an employee can slip on a recently mopped floor and break a leg. Even machinery that was recently inspected can malfunction unexpectedly, subjecting an employee to a serious injury.
Am I Required to Carry Workers’ Compensation for My Machine Shop?
This type of insurance policy is a necessity for almost any business, and most states require machine shop owners to have coverage if they employ workers. If you live in a state that doesn't require you to carry workers' compensation, it's well worth the time to consider investing in a policy.
What is Employer’s Liability?
In most states, workers' compensation generally provides coverage for an employee with a work-related injury regardless of who's responsible for causing the injury. For that reason, your employee doesn't need to prove that you're responsible for his or her injury because workers' compensation may automatically cover his or her medical expenses and partial lost wages. However, if a worker or other third party with a claim stemming from the injury feels that your business was responsible, you may be faced with a lawsuit. The employer's liability coverage in your your workers' compensation policy can help you defray the costs of hiring attorneys, paying court costs, and taking care of other legal fees for these types of lawsuits.
If you live in a state that requires you to purchase workers' compensation directly through your state's fund, it might be beneficial for you to purchase a separate employer's liability policy as an option to protect yourself against the threat of lawsuits related to work-related injuries and illnesses.
Does Workers’ Compensation Cover Business Travel?
Workers' compensation may cover you or an employee if you're traveling within your own state. However, if you travel to another state, you might not be covered. This will largely depend on your policy and the state's workers’ compensation regulations.
Additional Insurance Coverage for Machine Shops
Machine shops are at the heart of America's industrial sector, but they also come with high risks for both employees and owners. From dangerous fumes to heavy machinery, the risk of injury at a machine shop is high. Machine shop owners need a flexible insurance product that will mitigate their liability exposure.
The metal working industry comes with rewards and dangers. While your machine shop manufactures essential products, it is also exposed to plenty of risks. Worker injuries, equipment breakdowns, employment disputes and property damage are just some of the liability hazards machine shop owners must contend with.
What Coverage is Included?
While it is certainly possible to offer a bespoke insurance solution for your particular machine shop, in addition to workers’ comp, most machine shop insurance products cover the following risks:
• Businessowners Policy
• Employment Practices Liability
• Cyber Liability
Coverage for Employee Injuries
Working with metal and heavy machinery all day presents obvious risks to your employees. Even if you take all the necessary safety precautions, a work-related injury can still happen. Machine shop insurance includes both Workers' Compensation and
to protect your workers in the event of an accident. With such coverage, your injured employees will have access to the compensation they need and your business will be protected from costly litigation.
Coverage for Equipment and Property
Equipment breaks down or it can become damaged. Likewise, your property faces serious risks, from fire, theft, and natural disasters. Without your machinery being operational, your business cannot make the products that keep it profitable. Our
portion of our Machine Shop Insurance product covers your business for property damage and will also cover you if your business operations are interrupted, such as by a storm or hacking event.
Protection Against Claims
Machine shops are exposed to a number of liability claims. As part of our businessowners policy, your business enjoys general liability coverage, which is designed to cover you for the cost of claims brought against your company by a third party who was injured on your business' property.
employment practices liability insurance (EPLI)
covers your business if it is the subject of legal action by a current or former employee, including against allegations of wrongful termination and wage claims. Just a single disgruntled employee can cost your business hundreds of thousands, even millions, of dollars. Reduce the risk with employment practices liability insurance.
cyber liability coverage
is quickly becoming a popular choice for many small business owners. If your business is the victim of a data breach, your clients' personal and business data could be exposed. This exposure could lead to claims against your business. Our cyber liability product helps cover the cost of such claims.
How Do I Get Machine Shop Insurance?
The risks – and potential costs – that machine shop owners face are too great to be left to chance. AmTrust Financial can help your machine shop reduce its liability exposure with a customized insurance policy and workers’ compensation coverage.
today to learn more.
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