If you can’t decide whether to take out a manufacturing insurance policy, here are five reasons that may help you make up your mind.
1) It doesn’t matter what area of the manufacturing sector you operate in, the odds are high that you have some pretty expensive equipment in your workplace.
If it were damaged, would paying for replacement machinery make a major dent in your wallet?
Probably. That’s why having manufacturing insurance with property and machinery breakdown cover is a good idea.
2) The products you spend your days and weeks manufacturing are being sent out into the public. This means there is always a chance that a member of the public will be harmed by something you’ve produced.
If someone claims that your company is responsible for injuring them and a court decides in their favour, you could be in serious financial trouble.
However, if you have manufacturing insurance with public liability and professional indemnity cover, your insurance provider should be able to help you with some of the costs.
3) Unless you sell the products you create on-site, chances are you’ll have to transport them at some point in the manufacturing processes. What if something happens to them after they leave your workplace, but before they reach their destination?
With a manufacturing insurance policy that includes transit cover, you won’t have to worry if this happens. While it can’t miraculously fix your damaged or destroyed stock, it can make sure you’re not out-of-pocket due to its loss.
The scenarios listed above are just a few that you might be faced with as a manufacturer.
In addition to this, the cover options mentioned are only a taster of those available to those working in your industry.
MGA Insurance Brokers can help you find the right insurance provider and policy for your manufacturing business.