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 electronic companies, every year brings new challenges and the insurance covers should be flexible enough to cope with these. Whether it be a policy to cover generic risks for example buildings and contents to more niche protection like products recall, our experienced team can help you.
The Risks to your Business
Have you thought of all the risks that could affect your business? From ever changing legislation to your supply chain and ever stringent 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 to your company.
Flexible Insurance to Meet your Needs
Though the insurance market provide standard policies, these are not tailored to specific industries and therefore may not meet your needs and requirements. From operator error of a machine to the customers financial loss, 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. Agency staff may not be as thoughtful and Employee Fidelity is a continual problem and can affect the operation of the company.
As a business you may be dependent on particular suppliers and this can bring an increased exposure and challenges. From adverse weather, to the suppliers own operations and the impact on IT downtime, bottle necks can occur at your premises which in turn reduce turnover and 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 the building, plant and machinery to the motor vehicles, risk assessments are important and disaster recovery planning can reduce interruptions to the business.
In addition to the core insurance covers, others need to be considered including Errors & Omissions, Products Recall, Financial Loss, Cyber Liability Insurance and Financial Crime.
We can take you through the process of Risk Management and Assessments ensuring that your organisation has a planned strategy achieving your outcomes without putting the company in a vulnerable position. We are dedicated in providing every client with the information necessary to make an informed decision on what insurance covers they believe are a requirement for themselves.
Call us now and see how we can help you.