What Is Manufacturing Insurance?
Regardless of the scale of your current manufacturing business, the correct level of manufacturing 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 may be 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, and the use of smart technology such as robotics and drones, we will see the need 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:
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.