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February 6th, 2019
As a clothing manufacturer, your clothing, materials, products and machinery are valuable components of your business and are generally stored within your building. Typically, clothing manufacturers reside in the same building for decades and, unfortunately, those buildings may not be retrofitted with sprinkler systems, or if they are, the systems could be outdated.
This can be a major issue for two reasons:
Making sure that your property is retrofitted with an updated sprinkler system is the first step in protecting your business. The second is ensuring that your Business Personal Property limits are sufficient.
Business and personal property coverage is an aspect of your commercial insurance policy that insures against accidental damage to owned buildings, owned business personal property and the personal property of others.
It is imperative that your business accurately assesses the true total value of business personal property at risk in the event of a total loss by fire. Often, many businesses are underinsured as they do not recognize that the large amount of goods kept in storage or as back stock all fall under their business personal property exposure.
Working with a knowledgeable insurance broker helps business owners determine what needs to be included in determining the proper business personal property limits they should carry. This can include a wide variety of property including, but not limited to, furniture in a showroom, fabric, finished goods and other raw materials.
Combining adequate business personal property limits with an updated sprinkler system is one of the best ways to mitigate the loss to a business in the event of a fire.
In many cases, businesses without sprinkler systems suffer higher insurance costs. So much so that investing in a sprinkler system may pay for itself over a five year span simply with the savings that are awarded from the insurance company for having a sprinkler system in place.
If you have additional questions regarding insurance coverage for your clothing manufacturing business, contact Brown & Brown today.
At Brown & Brown, protecting your business and employees is our main focus. Our Commercial Lines team takes a multi-discipline approach toward insurance and business risk management, which ensures we don’t just procure insurance, we manage it.
All of our policies are crafted with your unique business requirements in mind and we take the time to partner with you to determine what coverage is necessary to keep your operations running smoothly.
Brown & Brown is the 6th largest insurance intermediary in the country. More than 75 years of success has enabled us to identify new opportunities, adapt our solutions and services to meet changing market demands, and satisfy the various needs of our customers. Backed by national strength and local presence, with over 300 locations and 8,500 teammates strong, we have solutions to fit all your insurance needs.