Liability insurance for High Risk Product Manufacturers
Specialist Insurance Brokers for placing High Risk Liability Insurance across a wide spectrum of manufacturers and producers. The UK has a strong manufacturing base but sometimes insurance for a product manufacturer producing certain types of goods or using riskier processes can prove either difficult or expensive to obtain.
High Risk Liability insurance falls across two aspects, the product that is being manufactured or the processes involved to manufacture or produce that item. Typical Examples of where a manufacturer may be considered high risk:
Precision Engineers manufacturing products for Automotive, Rail or Aviation.
Even a small cabin fitting in an aircraft may be a problem to many insurers.
Food and Supplement Manufacturers
Whilst there are specialist policies for Food manufacturers, Foods supplements might fall outside what an insurer would normally accept.
Certain Types of metal coatings can use hazardous substances to health such as Chromium or other chemical substances.
As these are applied to skin they can be considered high risk products and specialist insurers are required who understand the risks and the cosmetics insurance market.
What is High Risk Liability Insurance
Manufacturing any type of product requires various insurance protections to be in place, often for many businesses their products and processes don’t fall into every insurers appetite and its usual that a specialist market needs to be found and so insurance cover becomes bespoke around the individual requirements of that business.
Combined Liability Insurance is usually made up of three separate types of cover, Public Liability, Product Liability Insurance and Employers Liability, depending on the sector a company is in or the type of work or process that is being carried out means other special extensions could be required.
Real Insurance Group have access to a wide range of markets that accept the higher risk business or processes as well as those that don’t really fit any category, in fact some of our underwriters like the more quirky products or processes
What does High Risk Liability Insurance cover?
Public Liability provides insurance to protect individuals or businesses against claims where a member of the public may be injured or where loss or damage has been caused by the negligence of the business, it provides essential legal defence cover and if it is found that the business is at fault then it will pay compensation too, subject to the limitations of the policy.
Product Liability Insurance is very similar to Public Liability but the difference is where the manufactured product or a product supplied has caused a loss, caused damage or injured someone. A typical example of this is where the product itself whilst being used breaks causing injury. Manufacturers of OEM parts insurance is essential, your product could break causing damage to the main product or component or VAR as it’s commonly referred to.
Employers Liability Insurance protects a business against claims made against it where an employee becomes injured or suffers health issues due to their employment. A business, as it grows needs addition people to carry out certain processes, these could be viewed as being higher risk and many insurers might prefer not to insure the business because of this. Employers Liability, isn’t an option where you have people working for you, it’s a legal requirement to have it place.