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Being responsible for a manufacturing or industrial company, you will appreciate the risks affecting your business.
From Health & Safety matters to an increase in regulations, managing the risks you face is vital, but it is also important to have a robust insurance programme that is specifically geared to meet your needs.
Every manufacturing business is different depending on your sector, and as an established provider of commercial insurance we have developed an in-depth understanding of the challenges faced by companies throughout the UK. From chemical processors and manufacturers to textile and electronics companies, every year brings new challenges and the insurance cover should be flexible enough to cope with these. Whether it be a policy to cover generic risks, for example buildings and contents, or more niche protection against instances such as product recall, our experienced team can help you.
The Risks to your Business
Have you thought of all of the risks that could affect your business? From ever-changing legislation and matters relating to your supply chain, to ensuring you have stringent and up-to-date commercial contracts with your customers, knowing the risks to your business can be a great help and we can assist with this. Not all risks can be managed, and an insurance programme needs to be there to assist should the worst happen. In the event of an incident, the interruption to your business could be significant, which in turn can affect the brand and reputation of your company.
Flexible Insurance to Meet your Needs
Though the insurance market provides standard policies, these are not tailored to specific industries and therefore may not meet your needs and requirements. From machine operator error to the financial loss of customers, we sit down with our clients and understand their business before speaking to insurers. No matter what the future may bring, our aim is to offer insurance to the manufacturing industry that provides a responsive product for the foreseeable future.
As a business owner you need to be aware of the key risks that affect your company, both internal and external, and we can assist with reviewing and minimising them. Some examples of risks are:
An increase in health and safety legislation, together with wage cost inflation can have an adverse effect on your business. Agency staff may not be as thoughtful, and Employee Fidelity is a continual problem which can affect the operation of the company.
As a business you may be dependent on particular suppliers, and this can bring increased risk exposure and challenges. From adverse weather affecting delivery of goods and services, to the supplier’s own operations and the impact of IT downtime, bottle necks can occur at your premises which in turn reduce turnover and affect reputation. It is important to talk to your suppliers to make sure they have addressed their own risks. A robust insurance programme covering suppliers can help should the worst happen.
Your brand and therefore reputation is vital, and every business should have a social responsibility. From advertising to social media, brand perceptions can change very quickly.
As an emerging risk, threats to sensitive information can result in potential fines being imposed for data breaches and potential IT network downtime.
From buildings, plant and machinery to motor vehicles, risk assessments are important and disaster recovery planning can reduce the risk of interruptions to the business.
In addition to the core insurance covers, others may need to be considered, including Errors & Omissions, Products Recall, Financial Loss, Cyber Liability and Financial Crime Insurance.
We can take you through the process of risk management and assessment, ensuring that your organisation has a planned strategy to achieve your outcomes without putting the company in a vulnerable position. We are dedicated to providing every client with the information necessary for them to make an informed decision on which insurance covers they believe are required.
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