In the manufacturing industry, you are constantly faced with endless vulnerabilities that can risk the lives, health, and success of your company and its workers. Because of the constant threats against your business’s safety, it is crucial that you protect it.
Protecting Your Manufacturing Business Using Manufacturing Factoring
To keep your business protected from injuries, lawsuits, and other compromising situations, consider obtaining business insurance. With business insurance by your side, you will be able to take on your daily challenges with peace of mind, knowing you, your employees, and your business are protected.
Manufacturing Invoice Factoring
Like most businesses in the manufacturing industry, you suffer from cash flow problems. Because of the invoice-based nature of your work, you are constantly waiting for your clients to pay their invoices. In some cases, you can wait up to 30, 60, or even 90 days to receive payment for your work, which can ruin your business’s cash flow.
When your business’s cash flow is low, the thought of adding an additional, monthly cost to your business may make you cringe. With manufacturing invoice factoring, you will be able to get paid immediately for your outstanding invoices.
This is accomplished by a factoring company purchasing your business’s outstanding invoices. They will then advance you up to 96% of its amount in just 24 hours or less, so that you can have cash in your pocket immediately.
With manufacturing invoice factoring, you will be able to secure the working capital your business needs to take on the expense of a solid business insurance plan to keep yourself, your employees, and your business safe.
No matter what your business manufactures, from hot dogs to cars, your workplace is always at high risk. Finding the right business insurance to completely cover your team and your business is crucial.
General Liability Insurance
General liability insurance and workers compensation is often not enough for manufacturing businesses. Businesses in the manufacturing industry need more specialized, comprehensive coverage that will better reflect the nature of work that is performed on a daily basis.
Not only should you protect your employees with insurance, but also your property. In the case that your business building gets burned down or your equipment is destroyed, the cost out of your own pocket could drown your business.
Product Liability Insurance
This is one of the most important types of insurance for manufacturing businesses. Because you produce a physical product, you are at even more of a risk. If the product that you produces causes harm to an individual or even if you manufacture the parts to a product that harm an individual, you can be held liable.
Let’s say that your business produces electrical equipment and a faulty batch gets sent out. The faulty equipment causes a series of fires in homes across the country, leaving you accountable for the costs and damages. With product liability insurance, you can be protected in circumstances like this.
Having business insurance for your manufacturing business is crucial to stay protected from the many unpredictable circumstances that come with being a business owner. Using manufacturing factoring to get paid faster will allow your business to be able to qualify and pay for an insurance plan that will keep you and your business protected at all times.