Danger lurks around every corner. Sure. But some corners have been proven to be more dangerous than others. The fact is, the metal industry is a thriving sector of our economy. $75 billion in steel alone. Unfortunately, the metal industry is also one of the most dangerous and risky. With that combination, it’s important your company feels protected.
Safety and risk management is an important factor to your company’s bottom line as well as the personal health of your employees. Yeager Insurance wants to help you conduct business as usual while we take the weight of work related risks onto our shoulders.
Here are some key factors to look into when it comes to protecting yourself.
Foreign Suppliers and Importing Risks
Trust is a big part of the metal industry. When the product is imported from a foreign country, we hope they have thoroughly inspected and protected the materials. Unfortunately, some of their standards are not on par with ours. And currency exchange rates are subject to change at any time, leaving you unprotected from inconsistency.
There are US safeguards in place to protect you, but they are limited. It’s up to you to ensure your product line is clean and protected by practicing vigilance when it comes to monitoring the product and investments.
Major Machinery Fails
Machinery is not foolproof. It will fail and everyday it is out of commission you are losing money. Not to mention the cost to replace or repair. If you’ve got Yeager Insurance, we will react quickly and get you up and running as soon as possible to ensure minimal loss and damage.
While not common, a product recall can be disastrous to your company. You run the risk of lost product and legal action being taken against you. Product recall (or product withdrawal) insurance comes in two forms.
Recall expense coverage pays for losses affecting the manufacturer. (E.g. costs to pull recalled product and notify the public.)
Product recall insurance also covers expenses for those customers or others who have been injured by the defective protect, keeping you out of the crossfire.
Worker related injuries can happen anywhere and everywhere in your company. Working with machinery, lifting and moving heavy product, and dust exposure are only a few examples. In fact, in 2012 we had 24 metal industry fatalities and a 6% worker injury rate. 6 out of every 100 of your employees will likely become injured. They could be out of commission for days or even weeks if not longer. Possibly slowing down manufacturing and shipping speeds.
The very next thing you need to do is review your insurance – and your agent. Make sure you’re working with someone who knows the ins and outs of your business.
Call Yeager Insurance today at 304-797-3900 and let our agency help you make sure your metal business is covered.