As the title suggests, this type of insurance is aimed specifically at those in manufacturing. If you own, or run a business which makes something you need this insurance to protect yourself and your business. In fact, there are hundreds of different possibilities; you may be making things out of plastic or actually making the plastic, or you may be dealing with metal; food and drinks or even printing; the list is almost endless!
There are several levels of manufacturing insurance cover which you need to consider; although it may seem like an unnecessary expense you will be grateful for it if anything goes wrong.
Murphy Insurance Agency offers a wide range of options to help you get the right level of cover for your business. You can tailor your package to your specific needs; whether this is basic manufacturing insurance cover or a comprehensive policy. There are several parts to every policy. Firstly, you will need to have general liability cover; this simply protects the business from claims regarding an incident in the workplace, or even around it. This type of insurance is essential to cover any third party risks. The actual level of cover you commit to and options you choose will depend upon your financial position and the business needs.
There are several reasons why manufacturing insurance is essential:
- The cost of manufacturing, employing staff and maintaining premises is high. If you have a problem, such as a fire, it can be ridiculously expensive attempting to rebuild the company. Manufacturing insurance covers this and will help you get back on your feet.
- Assuming you take out business continuity insurance, you would be able to pay your staff, even after a catastrophic event. The insurance policy would provide you with enough funds to effectively keep the business afloat until you can start manufacturing again.
- The cost of dealing with an incident in or out of the workplace is prohibitive. If a simple accident occurs and it is potentially the fault of your business you could be sued to compensate the victim for their emotional or physical harm. These types of claims can quickly become very costly, without manufacturing insurance to cover the cost you could be put out of business with just one claim like this!
- Peace of mind is an essential part of a manufacturing insurance policy. Knowing that you are covered if something goes wrong will allow you to focus on building the business and planning for the future. Having a comprehensive policy will ensure you and your business are protected. This is especially important if you have any liability for company issues; you do not want to lose your personal property trying to pay a compensation claim.
Every policy should be custom designed to the needs of the business, a good broker will take the tile to go through each part of the cover to ensure you are happy and knowledgeable regarding the manufacturing insurance cover you have in place.