The term manufacturing means different things to different people. Across the UK, businesses are currently manufacturing everything from clothing to car parts, washing machines to computers. It’s no wonder; then, that, when it comes to manufacturing insurance, one size definitely doesn’t fit all. And why most companies use insurance brokers to help them find the right coverage for them in a complex market.
Manufacturing Insurance Policies
A good manufacturing policy will protect a business from a range of risks. This ensures they can continue to operate even if something significant goes wrong. Depending on the type of business, the level of risk, and the level of cover needed will differ. Insurance brokers, therefore, will often combine policies to get the best deal for their clients. These combined policies should include:
- Public liability: covers businesses for accidents involving visitors where the business is found to be at fault.
- Employer liability: covers businesses for workplace accidents involving their employees (again, where they are at fault).
- Equipment: covers businesses for damage to equipment such as computers
- Machinery: covers businesses for damage to machinery used to produce goods
- Business interruption: covers businesses if they cannot operate for any period of time, as a result of fire or flood, for example. It can also include coverage for businesses if they cannot access the needed supplies.
It’s important to note that the Employer’s Liability Insurance is mandatory, whether or not a business takes out any other element of manufacturing insurance. However, while other insurance might not be required legally, the risk of not being insured is high and probably not worth taking.
Buying Manufacturing Insurance
For businesses looking to take out or renew their manufacturing insurance, call Just Quote Me for FREE on 0800 084 2325 or get a quote online using our Quick Quote Form.
