Plastic Manufacturers Insurance
Insurance for the Plastic Manufacturing Industry
Plastic Manufacturers Insurance
Plastics manufacturers insurance can provide a wide range of covers, it protects your business premises against the costs of claims such as Fire, Storm damage as well as Theft, essential business protection including liability insurance should there be injury at the business premises, or where a product has failed causing damage or loss.
Plastics are all around us, whatever they are made from PET for the food and drinks industry or PVC for just about anything from building products to automotive to specialist plastics used in the medical and electronics sectors.
Plastics Manufacturing processes can vary depending on what your business produces, plastic injection moulding, blow moulding or vacuum moulding, to much larger projects manufactured by rotational moulding. Plastics manufacturers insurance is a business essential, not only to protect the assets but to provide defence to the business too.
What is Plastic Manufacturers Insurance?
Plastics Manufacturers Insurance is built up of many cover sections so cover can be purchased that is specific to your business. Some insurers have specific policies that provide specialist covers for businesses who carry out a Plastic manufacturing process. These types of policies are ideal for a wide spectrum of manufacturing services.
Many processes or products are used in the manufacture of plastic products, Plastic Injection Moulding insurance as an example will protect very expensive tooling as well as the machinery to produce the products. Plastic extrusion manufacturers may have a wide selection of raw materials, some policies provide inflation cover for such items as polymers.
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What is included in a Plastic Manufacturers Insurance Policy
Insurance for any type of manufacturer needs to be tailored to exactly the covers the business requires, it’s always advisable where possible to obtain an insurance policy that has covers designed for the sector its intended for, saving valuable time and possible uncertainty as to whether you actually have the correct cover in place.
A plastic injection moulding business, a rotational moulder or plastic extruders all work from business premises. Every day that business is exposed to many risks, the weather is a typical example where storm or flood can cause extensive damage. Businesses in the plastics industry can have a larger exposure to fire given the processes or the types of plastics used.
A comprehensive business insurance policy can protect you against these types of exposures, ensuring that should the worst happen your machinery and plant as well as all the other business assets is fully covered. Often the tooling you have needs to be insured, who owns the tooling, the business or the customer? Having a fire can easily cause damage so the replacement costs have to be carefully taken into account for expensive items such as these. Stock insurance will cover all the raw materials, the products in hand as well as the finished items.
If the worst happens having insurance in place to protect the business is essential, this works in two ways, to ensure that the business is quickly rebuilt and the overheads such as wages continue to be paid, also that even though the business has been rebuilt there is still a period to get the customers back, its essential that cover is provided in a policy to ensure the period is long enough.
Tooling isn’t made overnight, so things like lead-in times need to be understood, what happens if you make thousands of the same product for one customer and the tooling gets damaged, whilst a plastics manufactures insurance policy having business interruption cover will help, what contingency plans are in hand to continue manufacturing the product.
All these types of questions need to be answered to ensure that a robust plastics business insurance policy will respond fully in the event of a loss.
Other covers available are Goods in Transit Insurance – essential when your goods are being transported around the country.
Inspection and Machinery Breakdown –Inspection for many items in a plastics business is required by law where there is compressed air or the use of a forklift truck amongst other items of pressure or lifted plant.
Machinery Breakdown is a cover that should always be considered, this is designed to get the business working as soon as possible. Engineering Business Interruption can also be included where there is significant downtime do to a broken machine.
Liability Insurance for businesses who manufacture plastic products
Public Liability will cover a business against negligence caused to a member of the public, this might be a customer that comes to your premises and slips or trips causing injury or loss, equally a fire breaks out at your premises that causes an interruption to a neighbouring business.
When manufacturing products even with the most modern machinery and the latest technology, an extensive instruction manual a product could cause loss or damage to its user, even worse where the plastic component that you have manufactured fails causing damage to the main item, this could prove costly and Product liability insurance for a plastics business is essential, paying the legal costs and any compensatory payments should you be found to have been negligent in its production.
Most businesses have employees, and where they do, Employers Liability is not only essential it’s actually a legal requirement. Should one of your employees become injured whilst in the course of their work then the insurance policy will respond, paying the necessary legal costs as well as any compensation that may be payable to the employee.
What risks are involved in a plastics manufacturing business?
Any manufacturing business carries a certain amount of risk, but some are exposed more than others, businesses manufacturing plastics and plastic products use many different products that can be hazardous to health.
Having robust Health & Safety practices in the business can not only help to save on premium, with the potential for plastic fumes, some plastics themselves having a degree of toxicity as well as chemicals used means that maintaining ongoing work space assessments is essential.
Insurers look for quality managed businesses in sectors such as the plastics industry; this means complying with all relevant Health & Safety requirements, COSHH, LOLER, PUWER, LEV and of course even the most basic of HSE requirements.
Why deal with Real Insurance for your Plastic Manufacturers Insurance?
Real Insurance Group Ltd are specialist Commercial Insurance Brokers, we specialise in many industry sectors, we have excellent relationships with our insurer partners which are all UK based and have A ratings, this enables us to source quality plastics manufacturers insurance at competitive premiums for your business.
All our staff are experienced insurance professionals having worked in the industry for many years, and above all we are not a call centre, we can discuss your individual requirements and can advise on the best way forward with your insurance.