Advice and fast quotes for manufacturing businesses
Manufacturing Insurance from Real Insurance Brokers
No matter what you make, you need the right manufacturing insurance policy in place. Get quotes from Real Insurance Brokers today!
What is manufacturing insurance?
A manufacturing insurance policy should be as individual as your business. No matter whether you supply your manufactured goods to businesses or consumers, in an increasingly litigious world, it pays to have the right protection in place. A policy should protect your business and ensure that you can continue to trade when even if you suffer a fire, a break in or face a claim from a member of staff or the public.
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What’s included on a manufacturers insurance policy?
Policies vary. Working with a specialist business insurance broker like Real means that you get the opportunity to tailor a policy to your precise needs. That being said, there are typically a number of ‘core’ covers that you should expect to see:
Manufacturers liability insurance
If you have staff, even if only part time or casual, you’re required by law to have Employers Liability insurance in place. Manufacturing plants and factories can be dangerous places with plant and machinery running, and the risk of injury and illness is likely to be higher that, say, an office based business.
You may have clients or other members of the public visiting your manufacturing workshop, factory or plant. Public liability is designed to protect you from claims coming from members of the public –it could be as simple as a customer falling over on a greasy floor during a visit to your premises.
Manufacturing liability insurance, or product liability insurance as its sometimes termed, is usually critical for a manufacturing business. You have a duty of care to ensure that the products you make meet statutory legal standards. If a claim was to be brought that your manufactured goods had caused an injury, loss or worse, on the basis that the tem was in some way sub-standard, you could face a sizeable legal bill. You may also have to pay fines. Product liability insurance is designed to accommodate these costs.
Manufacturers building and contents insurance
Your premises are likely to be absolutely critical to your business. If you own the premises with a mortgage, it’s likely to be a condition of your lender that you have adequate building insurance in place. Even if you don’t have a mortgage, the building itself is likely to represent a significant investment that ought to be protected.
Your business equipment and other contents should be protected, too. Were you to suffer a fire or a break in, the disruption to your business, not to mention the cost of replacement, is likely to be significant. You can protect your business premises contents with a manufacturing insurance policy.
Stock and raw materials
Raw materials and stock supplies are what allow you to get on with making your goods, and its therefore critical that they are insured. Stock levels may fluctuate seasonality or with customer demand. Policies can be designed to ensure you have the right value of cover in place without over paying for insurance you don’t need.
Manufacturers plant and machinery insurance
You’re likely to be heavily reliant on your plant and machinery. It’s also likely to be costly to replace or repair. Plant and machinery insurance can cover the costs or repair or replacement of critical machinery.
Manufacturers business continuity insurance
Worse case scenario – you have a fire and the building and everything in it is destroyed or damaged. Outside of the costs of repair and replacement, what would the impact be on your business? How long could you continue to pay staff and other overheads without being able to get products out and invoiced? How long would your customers remain loyal before seeking out an alternative source – and how easy would it be to get them back once they’ve switched. These ‘hidden costs’ of an accident or break in can be covered with business continuity insurance.
Why arrange your manufacturing insurance through Real Insurance?
We can offer professional advice about the types of cover that you may be legally required to have as well as those that are likely to have a material relevance to your business, meaning you get the peace of mind that comes from knowing an advisor has looked over your requirements with you.
We have access to a range of products from a host of leading UK insurers. That means choice and flexibility in terms of the cover that is available to our clients.
We’re not a call centre. You’ll speak with a real person each time you deal with us and know us by name. You won’t be put on hold or transferred to another department.