What Are The Main Types of Manufacturing Insurance?
Being an owner or director of a manufacturing or wholesale company can be hard. Finding a comprehensive manufacturing insurance policy is crucial to keeping your business and employees safe. There are many elements needed to give you the protection you need to ensure the best outcome for your business. This includes employer’s liability insurance and commercial property insurance. We outline some of the most important covers that you need to include. Our expert team are always on hand to help, so feel free to give them a call at any time.
Your manufacturing insurance policy will likely include a general liability or commercial package. When employing staff, the legal requirement in to also obtain employer’s liability insurance. The nature of the manufacturing industry means that employees are at high risk of injury when at work, so while the minimum level you need is £10 million, we have a large number of clients taking out higher limits of indemnity for employers’ liability insurance.
This is one of the most important components of cover for any manufacturer or wholesaler. Whether you are providing consumable products or parts for a larger machine, such as a car, you will likely encounter a claim at some point. Manufacturing on a large scale, you are at more risk of products going wrong by causing injury or illness. Therefore, it is vital that you have product liability. Alongside a public liability insurance, this will protect you from major financial loss and help you in the event of a claim.
Manufacturing Errors and Omissions – Product Recalls
The production of incorrect or damaged products can be costly to any business. Adding product recall cover to your manufacturing insurance policy will protect you for these events. For example, the production of incorrect products that can not be sold, could cause your business major financial loss. Including errors and omissions means that you might be able to reclaim some of that and keep your business afloat.
Commercial Property Insurance
Commercial building insurance needs extra care if you own a property that serves multiple functions, containing large amounts of expensive machinery. Commercial property insurance will help you if there is damage to your property that isn’t your fault. For example, if there is a flood or fire, or even if there is a burglary.
As specialist insurance brokers, we offer a wide range of commercial insurance policies to protect your business. Regardless of if you need manufacturing insurance, or someone to cover your farm, our team of chartered insurance brokers will give you the professional service you require. To contact us and speak to an advisor, call 01202 754 900. You can alternatively email email@example.com with any enquiries you may have.