Insurance for Manufacturers | Manufacturing Insurance
Tailored Insurance For Manufacturers
Insurance for Manufacturers | Manufacturing Insurance
Tailored Insurance For Manufacturers
Why it matters
Insurance For Manufacturers –
There are many risks that a manufacturing business may face that appropriate insurance can provide financial assistance such as;
- Machinery and equipment failing
- Disruption to the manufacturing process
- Fire & Weather events
- Injury to customers from your products
- Workplace accidents to your employees and contractors
What Does Public Liability Insurance Cover?
Public liability insurance is important for a manufacturing business because it protects against the financial consequences of accidents or injuries that may occur on the business's premises or as a result of the business's products or services.
If a customer or member of the public is injured on the business’s premises or as a result of using the business’s products, the business could be held liable for any resulting damages or medical expenses. Public liability insurance can help cover these costs, protecting the business’s financial health.
If a manufacturing business’s products or services cause damage to a customer’s property, the business could be held liable for the damages.
If a customer’s home is damaged by a faulty product manufactured by the business.
Spills hazardous materials on a supplier’s property, causing environmental damage
Excessive vibration that damages a neighbouring property
Insurance Insurance Mandatory?
Insurance is not typically mandatory for a manufacturing business, but it is usually highly recommended and you’ll find that most manufacturing businesses insure for a few crucial covers including:
- Business Package insurance: Covers damage to the business’s assets, such as buildings, contents, and stock.
- Public Liability insurance: Protects the manufacturing business against claims made by customers or other third parties for injury or property damage claims as a result of your services or product.
- Business interruption insurance: Helps cover lost income and expenses if the business is unable to operate due to an unexpected event, such as a fire, storm, or even machinery breakdown.
- Workers compensation insurance: Required by law, this insurance covers medical expenses and lost wages for employees who are injured on the job.
How Morgan Insurance Brokers can help
Morgan Insurance Brokers can provide Insurance For Manufacturers as we have a deep understanding of the insurance market and can help a manufacturing business find a cover that meets your specific requirements that can fit your budget. We understand the risks that your business face and can help you understand the different insurance options available to you, how they can benefit you, and also their limitations. Call today!
There are many risks that a manufacturing business may face, including:
Damage to equipment, injury to workers, injury to the public, and disruption to trade that results in loss of profits.
It is important for a manufacturing business to carefully assess and manage these risks with adequate insurance covers to ensure its long-term success.
Public liability insurance is a type of insurance that covers a manufacturing business for claims made by third parties for personal injury or property damage as a result of your insured business activities. Public liability insurance can provide your business cover against the costs that are incurred as a result of product or public liability claims.
An example of a products liability claim could be that a customer is injured while using one of your products
Your business could be held liable for your customer’s injuries if you’re negligent. In this case, public liability insurance could cover the cost of any legal fees or compensation amount that is incurred/demanded from your customer and their legal team
Product recall insurance is a type of insurance that covers the costs associated with recalling a product due to defects or safety concerns.
If a recall happens, you may be required to pay for the cost of identifying and contacting affected customers, repairing or replacing the recalled products.
Fire and perils insurance is a type of insurance that covers a business for financial losses that may result from a fire, storms, or other weather events.
Fire and perils insurance typically covers the cost of repairing or replacing damaged property such as the building, contents, stock, equipment and also customers goods.
Machinery breakdown insurance protects your business from the repair costs and business interruption can protect loss of profits as a result from the breakdown or failure of your machinery or motorised equipment.
Machinery breakdown insurance typically covers the cost of repairing or replacing damaged machinery or equipment, as well as the cost of business interruption and other related expenses. It may also cover the cost of liability claims made by third parties if the machinery breakdown was caused by the business’s negligence.
Transit insurance covers goods while they are in transit from one location to another including importing, exporting, and locally around Australia.
