Why do I need Plastic Manufacturers Insurance?
If your business create plastic components or products through molding, laminating and extrusion, you face business risks not commonly concerning in other industries. Not only might you have to deal with an allegation that a product that you have manufactured is in some way defective, but you also have expensive and specialist plant, machinery and stock to take care of. If there was a catastrophic loss, what would the implications be where you needed to replace all the dies and moulds you’ve developed, for example?
Buckingham Insurance has over 30 years experience working with businesses across the manufacturing and engineering heartlands of South Yorkshire and the Midlands. From specialist micro-businesses through to £25m turnover companies with 50 staff and a global client base, we’ve been able to advise on the correct approach to their insurance needs.
For more free advice, please don’t hesitate to give us a call on 01246 575 625 or use our enquiry form.
What is included on a plastic manufacturers insurance policy?
No two businesses are ever exactly the same – and neither are any two insurance policies within the plastic moulding sector. There are a number of covers typically included that might not be commonly required in other industries:
Product Liability – Protects in the event of a claim that someone has suffered personal injury or loss as a result of a product that your company supplied, sold or designed being deemed to be faulty. It can cover both the legal fees as well as any compensatory payment that is subsequently awarded.
Business Interruption – What would happen if there was a ‘catastrophic loss’? A fire or flood causes destruction of your commercial premises and contents. While your commercial property and contents cover should recompense you for the costs of repair and replacement of the building and equipment, how long might that take, and how long would the business remain sustainable without having critical, specialist equipment available and running? Business interruption could protect you from costs in this situation.
Environmental liabilities – The EU’s Environmental Liability Directive is deigned to ensure that any business that causes environmental damage is fully accountable. A chemical spill or inappropriate disposal of waste by a member of staff could have far reaching consequences for the planet and the business.
Equipment Breakdown – Cover for some of the more specialist equipment that will be absolutely critical to your business.
What else should a plastic moulding company consider when buying insurance?
Outside of specific areas for concern as a plastic manufacturing business, you’re likely to also have a number of other insurance requirements in line with many other businesses – Public and Employers’ Liability, cover for building and contents as well as any vehicles that the business may own.
Why arrange your business insurance through Buckingham?
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.