While factories are generally used to produce goods, the range of goods can seem limitless. Factories manufacture clothing, cosmetics, machine parts, and household appliances to name but a few. This is why insurance for factory based businesses can be harder to get than it might first appear. And why insurance companies look in detail at what the business is and the risks involved in issuing a policy.

Insurance for Factory Policies

Most insurance for factory policies are based on standard business combined insurance policies. They will include:

  • Public liability insurance, covering accidents to visitors where the business is negligent.
  • Employer liability insurance, covering accidents to employees where the business is negligent.
  • Equipment insurance, covering damage to equipment, e.g. computers and phone systems.
  • Machinery insurance, covering damage to machinery that produces goods/products.
  • Business interruption insurance, covering money lost when the business cannot operate.

The difference comes in the wording, which will be unique to the business itself or the sector it operates in. As a result, most insurance companies will ask businesses a series of questions to make sure they offer the right policy at the right price.

The questions an insurance company might ask, include:

  • What the factory does/what products it produces?
  • Where is the factory located, e.g. is it on a flood plain?
  • What type of supplies are kept at the factory?
  • The type of building it is, e.g. is it bricks and mortar?
  • What type of risks are there to the continuity of supplies?
  • What type of systems are in place, including for fire safety and security.

For anyone looking for insurance for factory, it’s a good idea to have this information to hand before calling an insurance company.

Buying Insurance for Factory

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