Where Do You Start?
The first step is to have a chat with an expert in insurance policies. They will be able to tell you exactly what you need and direct you towards the right type of coverage. Not all industries are the same, and no two manufactured goods will bring the same set of liability risks. They each have to be assessed individually, and who can do that better than a professional? Don’t be hesitant in asking for help in determining what kind of coverage you require; it may quite literally save your life, or at least, your money.
What Is Covered By Manufacturer Insurance?
Generally, you will receive some recommendations on which types of insurance you should get and what they cover. These are just a few of the instances that are protected by manufacturing insurance:
- Labour hire injury exposure
- Machinery breakdown
- Material, equipment and premises damage coverage
- Insurable risk profiling
- Fire hazard risks
- Statutory liability
- Transit and cargo needs
- Product recall exposure
- Occupational safety and health
- Business interruption risk
- Directors’ and officers’ liability
- Product liability protection for injury or damage incurred as a result of manufacturing or design defects
- Management liability, such as omissions and errors
- Manufacturing and design risk
- Supply chain management
Manufacturing is essential to the Australian economy, but that doesn’t mean it doesn’t come with risks or that it can’t suffer from liability. Every manufacturing company has the responsibility of protecting itself through insurance coverage for all possible accidents, injuries, omissions, errors, delays, interruptions, defects, etc. Otherwise, any accident or mistake may be incredibly damaging, and we all know that you can’t foresee everything. Don’t put yourself and your company at risk; choose a comprehensive insurance plan with coverage for all your needs.
Why Is It Important To Have Manufacturing Insurance?
To put it simply, you never know what is going to happen. And as a company that employs a significant number of people and produces consumer goods, the risk of liability is always present. A manufacturing company has to cover itself against claims resulted from injury, damage, mistakes, delays or interruptions.
Any consumer may discover a problem with their product and decide to sue, and in this case, the manufacturing company has to be prepared to take on that case with legal expenses covered. In the absence of insurance, such a company may go down after a few mistakes or even one significant oversight. Manufacturing is a field that brings risks, so protect yourself against them.