Manufacturing can involve complex and extensive processes which require specialist insurance to protect against the risks that are faced on a daily basis. Dover Street Insurance Brokers understand that no two manufacturing businesses are the same and are vulnerable to risks to property and machinery such as fires, floods, breakdowns, theft or more. It is also important to cover the risks that come with supplying goods to customers and visitors. If you have ever wondered what manufacturing insurance is and why you need it, read on to find out how Dover Street Insurance Brokers could help.
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What is Manufacturing Insurance?
A manufacturing insurance policy is designed to incorporate several types of cover to ensure comprehensive protection for your business. Manufacturing insurance can be tailored to a business’ individual needs – making your insurance just as unique as your business is.
What does Manufacturing Insurance cover?
Manufacturing insurance usually covers your building, machinery, stock and raw materials, as well as your staff, clients and other trading activities.
Your machinery is a key cog in the workings of your business and if something were to happen, this could potentially have a major impact on the running of your business. Manufacturing insurance can protect your machinery against fire, theft, flood damage and other perils.Dover Street Insurance Brokers are even able to arrange inspection and breakdown cover which will assist in the maintenance and upkeep of your machinery, which will minimise the risk of anything going wrong.
In summary, manufacturing insurance can be arranged to cover every aspect of your company from staff to the products you make and distribute. Different levels of cover can vary and policies can be arranged to include protection against a range of risks.
What Manufacturing Insurance do I need?
If you import and distribute goods that are manufactured from outside of the UK it is essential that you understand the different manufacturing standards around the world and how these will apply for your companies. Manufacturing insurance will help to give your business the protection it deserves.
Types Of Manufacturing Business Insurance Policies
There is a range of different types of manufacturing insurance policies that you could consider for your business. These include:
- Stock and raw materials: It’s likely that stock levels will fluctuate – seasonality, customer demand, even currency fluctuations are likely to affect your own purchasing patterns.
- Specialist engineering/machinery cover: This policy provides insurance cover for the loss of or damage to machinery during specified moving operations.
- Public and products liability: Provides protection if your business activities kill or injure a member of the public or damage their property and provide cover if an individual suffers damage or injury as a result of a product that you designed, repaired or serviced.
- Employers’ liability insurance: This is a legal requirement if you employ any member of staff. The minimum protection is £5m, which will cover the cost of compensation claims if they get injured or ill at work.
- Business interruption: Provides cover for financial losses if your business can’t operate from its premises as normal as a result of a fire, major theft or a flood.
These are just examples of some of the types of manufacturing insurance policies that we look after at Dover Street Insurance Brokers. As we know that no two businesses are the same, speak to us today to find out which policies will best meet your needs.
The cost of Manufacturing Insurance
Manufacturing insurance cost can depend on the type of manufacturing business you own. The premium you pay will depend on several factors which include the size of your business, the type of machinery you use and other characteristics of the business.
Although manufacturing insurance may be another cost for your business, just think about how much you could be forced to pay in the event of a successful compensation claim or a costly theft. Would you be able to continue trading as a result?
It is crucial to ensure that you are properly protected in the event of an incident occurring. With that in mind, at Dover Street Insurance Brokers we will take the time to understand the specific needs of your business and recommend the amount of cover that is best suited to you.
What Else Do I Need To Know About Manufacturing Insurance?
Depending on what you manufacturer there may be environmental liabilities to consider. Outside of what happens inside of the factory, you may need to consider insurance for your goods as they are being delivered to customers. Every manufacturing business is slightly different and getting the right manufacturer’s insurance policy in place does mean finding the correct types and level of cover for you.
How can I get Manufacturing insurance?
Established in , [broker_name] are the manufacturing insurance experts. We understand that manufacturing companies face unique risks and challenges on a day to day basis, and that you need bespoke insurance that works for you and gives your business the level of cover that you require.
Give your business the protection that it deserves today – if you want to find out how much peace of mind costs, contact one of our team by calling: 0208 057 4130.