things you must know about Manufacturing Insurance

What is Manufacturing Insurance?

The manufacturing insurance policy provides cover for your plant and machinery, materials and stock plus covers you against products liability and business interruption.  Your company assets, computers, vehicles, cash etc can all also be added to the policy. 

Who needs Manufacturing Insurance?

Every company that manufactures products should insure their equipment and stock with our policy.

Why should you take out Manufacturing Insurance?

Besides from the obvious risks of your machinery or stock being stolen or damaged by fire or water, manufacturing companies often face much more costly but more subtle losses, such as their gross profit decreasing or coming to an end whilst their stolen or damaged items are replaced.  They also face the very high costs associated with fixing their machinery when it breaks down.  Many companies underestimate the time and money associated with ordering, transporting, assembling and commissioning machinery, and the profits that are lost in the process. Often, the interruption claims far outweigh the costs of replacing or fixing the equipment.

Mistakes with the product can also result in large liability claims.  Insurance to protect your company against these possibilities costs a fraction of the price of paying for these from the company. Taking out manufacturing insurance is the prudent way to ensure that your business survives through the idiosyncrasies of life.

How much does Manufacturing Insurance cost?

We have a large book of clients placed with several different insurance companies, so we’ll be able to find the most beneficial and cost effective way for your business to be insured.

Typical claims incurred on Manufacturing Insurance

Machinery breaking down accounts for most of the claims for manufacturing companies. 

Of course the usual claims, such as vehicle thefts and accidents, stolen computers, laptops damaged accidentally and lightning strikes / power surges are responsible for many of the claims on these policies. 

Often small fires break out in the premises for various reasons, and the effects of this can be devastating, especially since smoke can ruin so many company assets.  Over and above the costs to repair or replace the damaged equipment and stock, the value of the profits lost in the process can be devastating. 

Products being manufactured or distributed incorrectly can result in huge claims against the company.

What other insurance should be considered along with Manufacturing Insurance?

If the products have also been designed by your company, we highly recommend that Professional Indemnity Insurance be considered.

GET A QUOTATION:

Click here to send us an e-mail requesting a quote -> insurance@barrington.co.za 

We will e-mail you a quotation as soon as possible.

Contact details will be kept confidential and will not be used in any way other than as described above and will not be shared with any other parties.

Please note that we can only insure in South Africa.