A Manufacturing Combined policy is designed to protect your business from a variety of possible risks you face daily
No two manufacturing businesses are the same, but all typically face extensive risks, including:
- Property Damage Insurance: Covers damage to buildings, contents, fixtures, and fittings due to incidents like fire or theft.
- Business Interruption Insurance: Provides cover for loss of profits and increased costs of working in the event of property damage occurring.
- Product Liability Insurance: Protects against claims if your products cause injury or damage.
- Public Liability Insurance: Covers third-party injuries or property damage caused by your business.
- Product Recall: A product you’ve manufactured is withdrawn or recalled because of a manufacturing error or safety issue
- Employers’ Liability Insurance: Required by law, it covers employee injuries or illnesses sustained at work.
- Equipment Breakdown Insurance: Covers repair or replacement costs if your machinery or equipment fails.
- Cyber Insurance: Protects against cyber threats and data breaches.
These policies can be tailored to fit the specific needs of your manufacturing business, ensuring comprehensive protection against various risks.
How Manufacturers Insurance can Protect Your Business
For instance, product liability insurance for manufacturers will protect your business if your products cause injury or damage.
If a product you’ve manufactured is withdrawn or recalled because of a manufacturing error or safety issue, the potential fallout could significantly damage your business, both financially and from a reputation perspective. Product recall insurance can protect your business from losses associated with products that have been recalled. By considering this cover along with product liability, you could protect your business from first party (such as loss of income) and third party (like an injury claim) losses that arise from the same event.
Business interruption insurance can help you recover if a serious incident damages or destroys your premises or machinery. This insurance won’t just cover the cost of repair or reinstatement but also helps to replace lost income.
Depending on the type of manufacturing business you run, and its supply chain, you may also need insurance for stock, goods in transit, book debts, and more.
All of this makes it essential to get help from a business insurance manufacturing expert. After all, true peace of mind comes from knowing you have the right cover that works for your business.
