Why have Manufacturing Insurance?
Manufacturing Businesses are as varied as the products they make. Whether you’re a sole entrepreneur making a specific product, a small business with a specialist market or a large factory producing a range of goods, you can be exposed to a wide range of risks. You’ll probably have stock and machinery; you will have employees, plants, computers and maybe even your own transportation. All of this will need insuring so that if anything were to be damaged or stolen, or anyone were to be hurt, you are fully protected for your legal liability towards repairs or compensation. Manufacturing Insurance can also help you recover if you cannot run businesses operations as usual for reasons such as fire or flood and you incur losses.
Call our team now on 01246 575 625 to discuss your Manufacturers Insurance further and to get a range of quotes.
What does Manufacturing Insurance Cover?
Manufacturing Insurance can be arranged to cover every aspect of your business from your employees to your building should anything happen.
A factory can be a dangerous place. For example, here at Buckingham Insurance, being based not far from Sheffield, we have significant experience working with clients in Steel Manufacturing. Steel fabricators deal with hot work in a loud and busy environment, an easy place for one of your employees to get hurt. Manufacturing Insurance can cover the cost of your legal fees if this happens which can easily reach thousands of pounds. You will also be covered against machinery breaking down or your transportation failing. Are these things you could afford to fix on your own? With all of these worries, having the right insurance in place is just one less thing on your mind.
A typical Manufacturing Insurance policy Policy can be arranged to cover:
Employers Liability Insurance – This is a requirement by UK law if you have any employees working for you whether they are full time on the payroll or casual volunteers. With the HSE reporting that nearly 20% of all UK non-fatal accidents at work happen in the manufacturing industry, it’s particularly important to get the insurance cover right. This provides cover for you should an employee have an accident at work.
Public Liability Insurance – If you have customers or members of the public visit you at your workshop or factory then PL Insurance is essential. If a customer were to be injured at your factory or their belongings were to get damaged, this will insure you for that. There is no minimum requirement, but we suggest that you take out as much as you can afford. With liability claims made against businesses by the general public on the rise it has never been more important that you are covered adequately.
Buildings Insurance – This provides cover for the physical building from where you work., No matter if you are based in a traditional red brick victorian factory, or newly built premises on a business estate, a flood or electrical fire can still put your building out of action. As a manufacturing business, your building cover may need to reflect particular risks – for example, you may use massive electrical supply or work with heat or water Buildings Insurance can help cover the costs of repairing your building so that you can get back to work as quickly as possible.
Tools Insurance – Your tools and equipment are the life line of your business. Without them, you couldn’t continue work. Tools and machinery are often collected over years of working and have a large value. If these were to be damaged or stolen, would you be able to buy them all again from new and go back to work the next day?
Stock Insurance – If you store your stock on site then you need to make sure it is covered. If it were to be stolen or damaged and therefore unsaleable, you’ve lost future income as well as wasting time and resources to manufacture it.
Product Liability Insurance – This is essential if you supply a product to other companies or to the public. For example, if you make consumables, Food Manufacturing Insurance will provide you cover should a ‘bad batch’ cause an outbreak of illnesses, or cause it to spoil before the Best Before date.
Vehicle Insurance – If you transport your goods then you will need Vehicle Insurance. Even if you only drive your personal car to deliver, a standard policy does not cover you for any driving you do related to work. If you have more than 3 vehicles then a Fleet Insurance policy may be the most cost effective way of insuring multiple vehicles with only one renewal date to remember.
Business Interruption Insurance – If for any reason you are unable to carry out business as usual, if for example your building is damaged, stock damaged or tools are stolen, Business Interruption can help cover the costs of your fixed overheads like rent, bills and wages if you’re not making your usual income. This can relieve a huge burden of worry if your business is not able to run and you’ve got staff who can’t be paid.
However, at Buckingham Insurance we can tailor a policy to suit your specific needs meaning that no 2 policies are the same. For a professional, friendly advice and a full range of quotes, call us on 01246 575 625 or use our enquiry form here.
Why use Buckingham Insurance to get your cover?
Buckingham Insurance has been providing businesses across Derbyshire and South Yorkshire with invaluable, trusted advice and service for almost 40 years. With a heavy investment in staff training and leading technology, together with good old fashioned close relationships with both our Insurer partners and clients, we pride ourselves on competitively priced, quality cover backed up by first rate service.