Manufacturing Insurance

Manufacturing Insurance specialists

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What Is Manufacturing Insurance?

Regardless of the scale of your current manufacturing business, the correct level of business insurance is essential.

Across the manufacturing and engineering industry, the diverse range of processes and products provide a varying array of exposures. Whether it’s the high-risk nature of the process itself providing the threat of injury or industrial disease to the employees, or the precision-machined component part that maybe incorporated into a safety-critical mechanism.

Understanding business insurance is crucial to providing the correct level of protection from the most common risks while in production. With the advent of Industry 4.0, the use of smart technology such as robotics and drones, we will see the needs for manufacturing insurance cover change as well. We can help your operation adapt your business insurance policy as it evolves with modern processes.

“So we can give the right advice on risk and insurance coverage, we will work with you to obtain a full understanding of your business.”

Daniel Jewell, Account Executive

What Cover Do I Need In My Policy?

Each manufacturing business is completely unique. Your output, scale and production methods are just a few factors we consider in your business insurance policy. There are some key areas for protection that will likely be essential regardless of your operation. These include:

Business Interruption Insurance

Covering your lost revenue when you are unable to operate can make a considerable difference, especially when serious damage caused by an insured peril has occurred that prevents you from opening. If you’re unable to open as a result of certain unforeseen conditions, which can include fires and flood damage, this can help cover the lost revenue as a result.

Machinery & Plant Machinery

Integral to any operation within the manufacturing business, your machinery is essential and as such must be considered when creating a policy. Common risk factors involved include accidents, theft and fire-related damage. The cover itself will need to fit your business’s operation, with options available for machinery in transit, hired machinery and machinery breakdown.

Public Liability Insurance

Public liability insurance offers cover against property damage or injury caused to a third party or member of the public because of your work.

Employers’ Liability insurance

For all workers, you will require employers liability insurance, even for part-time, temporary or contract staff. This can assist in covering the costs related to an employee being injured while working for you and any subsequent legal action that may be taken as a result.

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What Sectors Can Be Covered?

Our manufacturing insurance brokers have worked in a variety of manufacturing businesses offering advice across the entire sector. Typical clients include

Food

Processing food can pose unique sets of risks to employees in particular. Encompassing everything from baking to meat processing the equipment used and work required can vary. Red meat production tends to be the most labour intensive with breaking down the product and preparing by hand still commonplace. Increasingly there is a greater degree of machinery operation required, with more complex systems leading to increased efficiency but an increase in risks related to equipment breakdown.

Other Sectors Include

Precision Engineers
Plastics
Components
Automotive Parts

Computers & Electronics

While there is usually less large machinery involved in computers and electronics, there are still risks present to your workforce. For example, some workers who fabricate integrated circuits and other components may be exposed to hazardous chemicals and working with small parts may cause eyestrain.

Machinery

The creation of specialist machinery for industrial purposes can involve a variety of operation sizes. Depending on the equipment and size of product produced facilities will also vary greatly.

In the future using high-technology production techniques, including robotics, computers, precision engineers, plastics, components and programmable equipment will give productivity gains. Increasing technology and automation will also reduce the number of unskilled workers needed in the production process, decreasing the chances of injury.

Areas of Risk To Manage

As busy workplaces that are often full of complex machinery, there are a variety of risks that you will need to mitigate with your manufacturing insurance policy. These can include:

Contact with moving machinery
Struck by moving or falling objects
Slip, trips and falls
Illness as a result of poor indoor air quality
Temporary or permanent damage to hearing a result of excessive noise

Find The Right Manufacturing Insurance

With our business insurance brokers, you can be confident in the fact that your claim will be dealt with in a respectful and efficient manner by our team. As a varied industry understanding your needs is essential when creating a cover that can protect your manufacturing business from the most pertinent risks.

For more information on our manufacturing insurance, simply contact the team. Alternatively, you can request a call back. Our team will be more than happy to discuss your business insurance policy needs and answer any questions you may have.

Manufacturing companies need to have a comprehensive insurance policy that covers common risks that the business will encounter during daily activities. While employers’ liability insurance is the only insurance product required by law, other insurance products such as public and products liability, business interruption, and plant and machinery insurance are also recommended.

Manufacturing businesses depend on the production of finished products to generate revenue; if there were to be any interruption to this production process by an insured peril, the business could be left with a loss of income and no financial support. An insurance policy can offer financial protection in these events helping to ensure your business is not left to fork out in these events.

Even the most complex and technologically advanced production lines in the United Kingdom have human interaction; in most cases, this can be during quality control. If your manufacturing business has employees, regardless of how many, it’s a legal requirement to have employers’ liability insurance in place.

Employers’ liability insurance offers financial protection against work-related illness or injury. Employers’ liability insurance would cover compensation and legal costs you are legally liable to pay if an employee was to claim against the business. In simple terms, if a staff member were to slip on a wet floor whilst at work and break their leg, employers’ liability insurance will help to protect your business from the costs involved with the claim.

Manufacturing insurance offers businesses financial protection from a wide range of claims that the business may be vulnerable to. These claims can often be made by a third party but can also be made by a company employee. By investing in manufacturing insurance, you gain financial protection from these adverse events. In addition to this, your policy can include products such as business interruption insurance, meaning your loss of income can be covered during periods when you cannot carry out business as usual due to an unexpected event such as a fire or flood at your premises.