Manufacturing contributes £6.7 trillion to the global economy and in the UK, the industry is thriving. Current growth trends suggest manufacturing will be back in the UK’s top five industries by 2021 so business owners in this sector should be poised for an upturn in business. The manufacturing industry comes with additional risks to other businesses though, which is why it is important owners consider specific and specialised manufacturing insurance. Standard business insurance policies are comprehensive for some manufacturers, but it isn’t always the case.
What Risks should Manufacturing Insurance Cover?
Running a manufacturing business does come with risk. Not only because of the use of industrial machinery, some of which may require intensive training. Other obvious insurance risks for a manufacturing business include protection of buildings, stock, machinery and contents. Similarly, almost all manufacturing businesses employ staff to run the equipment which makes employer’s liability insurance a legal requirement. It ensures you have the funds available if an employee made a claim for illness or injury sustained as a result of their employment.
Manufacturing insurance usually includes product liability insurance too. As the business is so product-based, it is important to have this kind of protection. Products liability insurance protects against claims made by third parties. These claims tend to be from members of the public who claim to have been made ill or injured by your products. The expense of litigation in this area can be huge, therefore the right insurance is vital.
Equipment and Machinery Insurance
The equipment and machinery used in manufacturing are amongst the most important assets of the company. A good manufacturing insurance policy will consider these paramount. A good level of cover should provide protection should machinery break down, be damaged or be stolen. In some instances, cover may also involve the cost of repair rather than replacement. However, for most policies the machinery insurance in place will be to ensure it can be replaced like-for-like should the worst happen.
Manufacturing Insurance Quotes with Just Quote Me
Just Quote Me work with businesses of all sizes. This includes many factory-based businesses and companies which have manufacturing facilities. We work with each individual business to find the right manufacturing insurance quotes for their needs.