Insurance for the Manufacturing Sector
Insurance for Manufacturer on the Gold Coast
Contact Ausure Insurance Brokers Gold Coast today for your insurance needs.
Tailored Insurance Solutions for Manufacturers
What are the key risks in the manufacturing sector?
Manufacturing is a diverse industry, and one that is changing at a rapid pace thanks to the effects of technology and globalisation. The risks manufacturers face are complex, and could range from lost production time due to a mechanical outage, fire or supply chain failure, to a product recall due to a defect. In many cases, they will also be specific to what your business manufactures.
Workers’ compensation is also a major risk for manufacturing businesses and cyber insurance is growing in importance as hackers pose a risk to both the smooth functioning of your systems and machinery as well as your confidential business data.
Who should consider insurance?
Insurance for manufacturers covers different manufacturing methods and product types including food, pharmaceutical, clothing, automotive, chemical, electrical, industrial and machinery, and many others. Insurance can protect you and your employees onsite, on the way to work and at work. Having the right cover is essential to help protect your business, your staff and your trading partners.
What insurance should you take out – and what can it cover?
- Business pack or Industrial Special Risks: Helps safeguard your business premises and contents against:
- damage caused by fire, storm or accidental damage
- equipment or machinery breakdown
- business interruption
- employee dishonesty
- property or glass damage
- legal issues, such as with public and products liability
- tax audit
- theft, and theft or loss of money
- Public and product liability: Can cover claims against you if it’s held that a negligent act by your business or its products results in personal injury or property damage
- Product recall: Can cover your business against the expense of a recall and provides assistance with crisis management and public relations to restore the reputation of your business.
- Cyber: Helps safeguard you and your business against expenses and legal costs if your website or other systems are hacked and your system cannot be used or customers’ details are stolen
- Motor insurance: Takes care of your valuable business vehicles, with cover to help:
- if you or your staff damage another person’s vehicle
- repair your vehicle after an accident or replace it if it’s written off
- replace a lost or stolen vehicle
- safeguard you against legal liability
- Management liability: Covers your liability to third parties as businesses managers, for such things as Employment Practice Liabilities for wrongful dismissal or discrimination, Statutory Liabilities for breaches of Corporations Law, breaches of Fair trading law etc
- Workers’ Compensation: Can cover the cost of your employees’ wages, rehabilitation and medication if they become sick or injured through their work.
Case Study:
Susan runs a manufacturing business making cookies, which she supplies to a major airline group. On a flight one day, plastic fragments were discovered in one of her cookies, sparking a recall and product liability lawsuit, and attracting negative publicity. As Susan had both product liability and product recall insurance, the costs associated with the recall and lawsuit were covered, as was the cost of restoring the reputation of her brand following the incident.
Speak to us about Manufacturing Insurance needs:
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Let us do all the hard work for you! We compare policies from multiple insurers to ensure you have the right policy, the right price and most importantly – the right coverage.
Ausure Insurance Brokers Gold Coast: Let us help you with your Manufacturing Insurance needs.
