Top Tips For Buying Manufacturing Insurance

Top Tips For Buying Manufacturing Insurance

A place of manufacturing is always a busy and exciting place to be. However, with the activities, machinery and expertise required, it can be a place with a high level of risk. Risks of accidents, machinery breakdown and even issues with Intellectual Property can be high in a manufacturing environment which is why manufacturing insurance is essential.

Did you know that 20% of all workplace claims take place in the manufacturing industry? Protecting your business with manufacturing insurance is of high importance. Here are the top tips to help you before you buy.

Check your must-have cover for manufacturing insurance

There are a few key elements that your manufacturing insurance really must include. These consist of;

Employer’s liability – A legal requirement for protecting your staff.

Public liability – To protect contractors, visitors and anyone else who may suffer harm as a result of your business

Product liability – If anything your company produces is faulty; this insurance can help protect your business if the product causes harm or injury.

Tools and equipment – With expensive and vital machinery in use, high-value tools and equipment may need protection in case they are stolen or damaged. This helps to ensure business continuity.

Vehicle insurance – Whether you have one vehicle or a fleet, it is the law to ensure that all vehicles have adequate insurance.

Consider the extras

There are some coverage options that may not be applicable to all manufacturing businesses but are often advisable if relevant. These include;

Transportation insurance – This will help to protect your products until they reach the door of the buyer. This is essential for ensuring you don’t lose out financially while goods are in transit.

Business interruption insurance – Make sure you can cover fixed overhead costs if, for any reason, your business cannot operate as normal.

Do you have questions about Manufacturing Insurance?

Call Just Quote Me for FREE on 0800 084 2325 or get a quote online using our Quick Quote Form.

Insurance for Manufacturing Plant

Insurance for Manufacturing Plant

If a business uses raw materials, parts or components to produce goods, it falls under the heading of manufacturing. This applies whether that business provides those goods in an artisan workshop operated by a sole trader or a factory employing hundreds of workers. And it applies whether those goods are clothes, computers or cars.

As a result, finding manufacturing insurance can be complicated. This is why it’s so important for businesses to get it right. If a business doesn’t get it right, they could find themselves having to cover the cost of lost or stolen goods, repairing or replacing machinery, or compensation claims.

Insurance for manufacturing plant policies

Businesses can buy a single, comprehensive, insurance policy or separate policies. When businesses combine policies they offer full cover for any eventuality. Regardless, insurance cover should include:

  • Employers Liability for staff injured while at work.
  • Public Liability for customers, visitors or members of the general public injured on the premise.
  • Manufacturing or Product Liability if anyone suffers an injury due to their products.
  • Building and Contents for the physical, bricks and mortar, building and equipment stored inside.
  • Stock and Raw Materials, which aren’t covered by contents insurance.
  • Plant and Machinery, which covers repair or replacement of machinery, which can be expensive.
  • Business Continuity, which includes the costs of setting up an alternate location or of losses from customers taking their business elsewhere.

Buying insurance for manufacturing plant

Because there are so many different types of manufacturing businesses, it is necessary you choose the policies that work best for you. And the best way to do this is to work with an independent insurance broker such as Just Quote Me. Just Quote Me can find you the best policies at the best price. By taking the time to discuss your specific requirements and getting to know your business, Just Quote Me work hard to find the perfect policy for you. Contact them today on 0800 084 2325 for a free, no-obligation, manufacturing plant insurance quote.

What Is New Build Insurance?

What Is New Build Insurance?

Building your own home from scratch can be incredibly exciting. In fact, custom build homes are increasingly growing in popularity. To help give protection to home builders whether they work independently or as a property developer, providers offer new build insurance.

New build insurance can provide peace of mind for all new build projects. The policy can begin from the point where an existing property is demolished, or land is cleared to the end of the work. Insurance can be there to provide coverage for accidents, theft or damage.

Why do I need New Build Insurance?

During a new build project, there is a variety of risks. At the beginning of the project, you have liability exposure. When work is underway, there are risks relating to the quality of the job as well as the tools and materials you use.

Insurance will cover the expensive tools, plant machinery and equipment that you need to complete the project. Should anyone steal the tools, new build insurance can cover the cost of replacement, allowing you to continue the project quickly, minimising disruption.

Another aspect of a new build policy is to provide coverage in the event of an accident. New build insurance will include public liability insurance as well as employer’s liability insurance. This means that as the policyholder if any friends, family or third-party contractor suffer damage or injury as the result of the new build project can receive compensation in the event of a claim against you.

New build insurance can be incredibly flexible, so you can tailor the policy to suit your exact specifications. Simply call Just Quote Me for more details.

Do you have questions about New Build Insurance?

Call Just Quote Me for FREE on 0800 084 2325 or get a quote online using our Quick Quote Form.