The world of manufacturing is a changing place. Not only is the production of goods a constant necessity to support the commodities markets, the technology involved in the manufacturing process is making production easier, faster, cheaper and more versatile.
Leading this advancement is 3D printing technology. No longer is 3D printing a concept on the horizon – it is increasingly being used by Australian businesses to revolutionise their enterprises.
However, with more complex machines becoming heavily relied upon, there is a concern for business continuity if something is to go wrong. Having appropriate manufacturing insurance is, therefore, integral for companies making the leap to 3D printing.
An emerging technology
According to research this month by Gartner, almost a quarter of a million 3D printers will be shipped worldwide in 2015 – more than doubling sales of the units this year. By 2018, these shipments will reach 2.3 million units, the business analyst firm have forecast, proving how quickly the world is adapting to the technology.
In Australia, too, we are seeing enterprising companies take on 3D printing today. In an October media release, Parliamentary Secretary to the Minister for Industry Bob Baldwin announced that Australia’s largest additive manufacturing hub is now open in Melbourne, where 3D printing technology is used to help reduce costs.
Speaking in the media release, Mr Baldwin identified the change the nation’s manufacturing industry is undergoing.
“Australia is on the brink of a new era for Australian industry where advanced manufacturing will be critical to the nation’s future economic success,” he said.
Manufacturing insurance protection
Unlike 3D printing technology, there is no one-size-fits-all plan for creating manufacturer’s business insurance.
Investments in the expensive technology will need to be secured with appropriate insurance to protect it from theft or damage. But with many manufacturers making the 3D printing innovation to save costs, finding the best business insurance deal will be integral.
Insurance brokers are able to work for you. Whether you are making the 3D manufacturing leap now or in the future, speaking to an expert ensures your business is protected from the increased risk.
3D printing technology is already revolutionising production in Australia, but are your assets and business secured with appropriate manufacturing insurance?