If you run a manufacturing company, or a factory, you need a manufacturers insurance policy tailored to the individual requirements of your business.
Insurance For Imports and Exports
If you import components or materials directly, outsource manufacturing abroad or export goods, this should be declared to your insurance company. Insurers may request a split in the turnover between UK, Europe, USA and Canada and the Rest of the World and may require information about your quality assurance procedures.
Commercial Combined Insurance
Some insurance companies offer a general commercial combined policy for manufacturing insurance, others provide bespoke products aimed at particular trades, such as the following:
- 3D Printers Insurance (3D Printing - plastic and metal)
- Conveyor and Belt Manufacturers Insurance
- Electronics Manufacturers Insurance (including electronics components manufacturers Insurance)
- Engineers Insurance (Light engineering and heavy engineering) (including mechanical engineering, pneumatic / hydraulic engineering & electrical engineering)
- Technology Company Insurance (including biotechnology, medical technology, digital manufacturing & pharmaceutical manufacturing)
- Machinery Manufacturer Insurance (including agricultural machinery, processing equipment, conveyors,)
- Manufacture and Installers of double glazing windows
- Metal Profilers Insurance (including laser cutters and laser cutting)
- Metal Workers Insurance (including sheet metalworking & steel fabricators)
- Plastics Manufacturing Insurance (including plastic sign manufacturers, plastic injection moulders, plastic goods manufacturers & plastic goods finishers)
- Precision Engineers Insurance (including insurance for plasma, water jet, CNC and laser cutting machines)
- Printers Insurance (including screen printing, textile printing, computer based printing, 3D printing & label printing & T-Shirt printing)
- Process Manufacturers Insurance (including food and drink, paints, chemicals, & textiles)
- Steel Fabricators Insurance (including insurance for manufacture of modular panels, portal framed and prefab building sections, gates, railings , staircases etc.)
- Tool Makers Insurance (including electric tools manufacturing, power tools manufacturers)
- Woodworkers Insurance (including joinery manufacturers, furniture manufacturers, cabinet makers & timber framed building manufacturers)
It is important to make sure that you have the cover you need at a reasonable premium.
The types of insurance you might need include:
- Buildings Insurance
- Business Interruption Insurance
- Public Liability Insurance
- Employers Liability Insurance
- Products Liability Insurance
- Property Insurance
- Stock Insurance
- Machinery Insurance (for own and hired-in plant)
- Money Insurance
- All Risks Insurance for laptops and other portable equipment away from the premises
- Goods In Transit Insurance
- Personal Accident Insurance
- Engineering Insurance
- Motor Fleet Insurance
- Commercial Legal Expenses Insurance
- Directors and Officers Insurance
Some types of insurance, such as employers liability and machinery inspection cover, are a legal requirement.
Other types of insurance are not legally required but may be essential to protect your business. A professional business insurance broker will be able to advise you accordingly and help you decide what you need.
The best way to do this is to speak to a local independent business insurance broker who can learn about your business and the issues you need to deal with and advise you as to the types of cover you need.
Look for an insurance broker that specialises in commercial insurance and offers a personal service. They will usually get you several manufacturers insurance quotes from different insurance companies and then recommend the product that best fits your requirements. This may not necessarily be the cheapest.