Food Manufacturing Insurance
Get the right insurance cover for your food manufacting business
What is Food Manufacturing Insurance?
The food and drink industry encompasses a huge variety of businesses and organisations. You might run an artisan bakery, supplying direct to consumers and supplying independant retailers. It could be that you run a mass catering factory, supplying microwaveable meals to major supermarket chains. We know how important a high quality bespoke food product liability insurance package can be should the worst happen.
A well designed food manufacturing insurance policy can be designed to cater for a range of risks that your business is likely to face. You’ll obviously require liability insurance to protect you from costs in the event that a member of the public claims to have fallen ill as a result of eating or drinking your produce. But there is a whole range of further issues that you’re likely to need cover against. Whether it’s a production or supply problem, a distribution issue or loss of revenue due to perished goods. It can also help when it comes to issues outside of your control, such as new health and safety requirements, the impact of the obesity crisis and consequent sugar tax or calls for the reduction of salt in foods.
It’s easy to forget these things, but when they happen they can cost your food or drink business some serious money so it’s worth making sure you’re protected.
What kinds of things should you consider when buying food manufacturing insurance for your business?
What if someone became ill as a result of your food and/or drink? Or what if your stock becomes inedible for some reason and needs to be thrown away? The damage to your business finances and reputation could be long-lasting and expensive. In the course of everyday business your organisation could face anything from cyber attacks, damage to your property or goods in transit, business interruption or product recall to name but a few.
Who needs Food Manufacturers Liability Insurance?
Food Industry Insurance is needed by a large number of suppliers in a wide range of food and/or drink outlets. Whether you’re making food and beverages and selling directly, or for a third party, it’s essential that if you’re handling, selling or supplying food and drink you have adequate insurance cover just in case.
Other food manufacturing insurance to consider
There are a couple of stand-alone insurances your business should have as part of your food insurance cover. These include:
Stock insurance
What happens if a refrigerated lorry breaks down and your product is ruined en-route to your customer? Or if one of your fridges or freezers on your premises stops working? Not only will you have to throw the whole lot away, you’re likely to have some annoyed customers too!
Your stock is an asset, and a valuable one at that. So make sure your food liability insurance includes stock which is now not fit for sale so you don’t lose out financially.
Food manufacturers public liability insurance
Public liability insurance is really important for most food and drink businesses, as your work is likely to bring you into contact with members of the public. If a customer or client makes a compensation claim against you for something such as food poisoning or injury, your food manufacturers liability insurance can pay legal fees and compensation costs. Compensation amounts can take into account medical fees, lost income and repair and replacement costs which can really mount up.
Other liability insurance for food business
If your food or beverage business employs any staff, employers’ liability insurance is usually a legal requirement. It covers compensation claims made by your staff for injury, illness or damage caused whist they’re working for you. Don’t forget, an ’employee’ doesn’t necessarily have to actually be on your payroll – even if they’re volunteering or working casually or as a subcontractor, they’re still working for you. You will also need to consider buildings insurance if you’re responsible for insuring your business premises as well business interruption insurance should you suffer a disaster such as a fire or flood.
Talk to Real Insurance Brokers today
Here at Real Insurance Brokers we are proud to have many years’ experience arranging bespoke cover for clients from our range of expert insurers. We can help you create the perfect tailored solution designed specifically to mitigate risks for food and drink manufacturers operating within this diverse and varied sector.
Why not get in contact today and let us take the hassle out of finding the ideal food and beverage insurance products for you.
