Manufacturers Insurance
Providing High-Quality Insurance for Manufacturers
What type of insurance does a manufacturing company need? The answer is several. Whether you’re in charge of a large-scale commercial food factory or an independent workshop, the manufacturing sector brings with it certain risks.
It might be machinery breaking down, stock being stolen or frozen food being damaged and deteriorating, but whatever it is, there are lots of areas in which things can go wrong. Fortunately, with the help of Insurance by Simply, you can get a comprehensive manufacturer’s insurance policy to meet your own business requirements.
What is Manufacturers Insurance?
Manufacturers insurance is a broad umbrella term for various insurance types that can benefit businesses operating in manufacturing. The different insurance policies utilised by manufacturers include:
Business interruption insurance
Covers you financially if your manufacturing business is forced to stop operating (and thus loses income) for a time. An example of this would be if your workshop floods and no production can take place.
Equipment breakdown insurance
Manufacturing businesses are reliant on their equipment and machinery. This provides cover if your equipment breaks down or needs either repairing or replacing. Equipment breakdown insurance cover will typically comprise a large portion of a manufacturer’s overall policy, given how integral its machinery and equipment are to its operation.
Stock cover (including deterioration of refrigerated stock)
If your stock is damaged or destroyed due to circumstances out of your control, then this policy will cover the replacement of said stock. It’s important to note that this policy doesn’t cover you if your stock has been damaged or destroyed due to employee negligence.
Employee theft insurance
Protects your business should one of your employees steal stock, machinery or other equipment from your company property. Factories house a large quantity of expensive machinery, making them more vulnerable to theft than many other businesses. This means the premium for this insurance type will be slightly higher than for other industries/sectors.
Commercial legal expenses insurance
A standard insurance type that provides financial cover for legal expenses incurred by your manufacturing business.
Public liability insurance
This is a standard insurance type and protects your business if illness, injury or even property damage is caused by your business, its activities or its employees.
Product recall insurance
This provides financial cover if any of the products your business manufactures have to be recalled.
Manufacturer product liability insurance
A manufacturer’s products are its bread and butter. Should one of your products cause injury, illness or damage, then product liability insurance will provide financial cover, as well as for any associated costs.
Personal accident insurance
This protects your business if employees are injured on your company’s premises, be that whilst they’re on or off-duty.
Employers’ liability insurance
This is similar to personal accident insurance. However, this covers the employer, whereas personal accident insurance protects individuals.
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Why is Manufacturers Insurance Important?
There are many areas in which a manufacturer can be left liable, as well as in significant financial trouble if they don’t have the appropriate manufacturing insurance in place.
If your business is uninsured, it only takes one employee to slip and injure themselves on the factory shop floor or one crucial piece of manufacturing equipment to fail during peak production season, for your business to incur significant financial losses.
It can be tempting to see some of these insurance types as surplus to requirement. However, it simply isn’t worth the risk to go without.
What Type of Manufacturers Need Insurance?
Simply put, if a business works in the manufacturing industry, it can benefit from manufacturer’s insurance. That’s to say, businesses in the food, automotive, computing, clothing, heavy machinery, chemicals, construction and furniture sectors (to name just a few) can all benefit.
Looking at it in terms of the area of manufacturing (as opposed to the particular industry sector) then Made to Stock (MTS), Made to Order (MTO) and Made to Assemble (MTA) manufacturers can all make use of manufacturer’s insurance.
Why Choose Insurance by Simply?
Our team of manufacturing insurance brokers have a wealth of experience in securing the best possible deals for our clients; something our long-term customers have come to truly appreciate is the bespoke, personalised nature of our insurance policies. We work with you to establish exactly what you need and put together a singular policy rather than a disparate collection of separate policies.
So, no matter how many different types of specific insurance you require, you’ll get just one set of documents, one overall premium and one renewal date to remember, which makes life easier than ever for your manufacturing business’ finance department. If you want to talk to one of our brokers, just give us a call.