Manufacturing Insurance

An expert guide about insurance for manufacturers and producers

Product liability manufacturing insurance, in addition to employers' liability, public liability, buildings insurance, material damage, equipment breakdown and business interruption are key considerations companies.

 About Manufacturing Insurance from the Willis Towers Watson Network

Production and manufacturing insurance explained by the best providers

As a manufacturer you face a variety of different risks that could have serious financial consequences to your business. Transferring those risks such as fire, theft, material damage, and liability compensation claims makes good business sense. Understand how your company can buy cost-effective manfacturing insurance from the best providers in the market.

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What is manufacturing insurance?

Manufacturing business insurance is a combination of liability and property covers which help companies protect their interests from a variety of different exposures whilst producing goods.

What you manufacture will have a significant bearing on our approach to identify what insurance suits your needs. Whether you operate in equipment, food, drink, plastics, electronic, textile, chemical, metal, precision tooling, or ceramics, will all impact your cover.

Prudent manufacturing companies will consider additional business insurance covers such as environmental liabilities, product recall and supply chain covers, alongside the traditional covers to fully protect your interests.

 What is manufacturing business insurance?

Why manufacturing insurance is an important consideration for your business?

Every manufacturing business will need to consider what manufacturing insurance is needed to protect their interests. As a Willis Towers Watson Network broker we have the expertise to arrange a wide range of commercial combined insurance covers.

 
 1. Workplace safety

Workplace safety

Health and safety policies will need be combined with manufacturing insurance to guard against injuries, accidents, and compensation claims.

 2. Product safety

Product safety

The exposure from the products you produce carries a significant risk to high liability claims being made by your customers and 3rd parties.

 3. Property damage

Property damage

Financial risks and business interruption costs posed by fire, flood, and theft are high. Ensuring protection for an unexpected event is paramount.

Manufacturing insurance starts from £389 per year and can be tailored to meet your specific needs

Compare manufacture insurance cost and cover from a wide range of UK insurers

What manufacturing insurance covers do you need?

The below expert guide details the types of insurance covers available to manufacturers and explains why sufficient time should be spent arranging company cover.

Property Damage

Buildings and property damage insurance covers damage by unforeseen events to physical assets which the company owns or is under their duty of care, examples would include your premises, equipment, plant, machinery and other contents.

Business Interruption

Business interruption insurance covers the loss of income to the company when the production of the product has been halted directly due to a physical loss or damage. The cover seeks to compensate the loss of actual income to the company when an unforeseen event has occurred to the point where the business can no longer operate.

How much does manufacturing insurance cost?

Manufacturing insurance costs will be be influenced by a number of different rating factors. Each insurer will have their own method for calculating risk and therefore your premium cost.

Turnover, wage roll, number of employees engaged with manual work, whether you work with heat or at height, unsupervised and continuous processes, whether you use fixed woodworking machinery, are all considerations.

Aerospace, automotive, construction, food and drink, electronic and robotic, industrial equipment, metalworking products, plastics and injection moulding, or precision engineering, will impact how insurers calculate your insurance premium.

 How is your manufacturing insurance cost calculated?

What additional manufacturing business insurance do you need?

There are a range of additional insurance covers typically purchased by manufacturing companies to protect the balance sheet and the individual's personal assets. As your business reaches a certain size it is prudent to consider what other policy covers are a wise investment to protect your interests.

Understand how production insurance can protect our company's balance sheet from financial shocks

Discuss your company insurance needs with one out our dedicated account executives

Frequently asked questions

What is product liability coverage?

Product liability is a very important cover for manufactures and offers financial protection against claims arising from injury or property damage as a result of a fault with a good you have provided. The type of products being produced, where the materials are being sourced, where you are sending finished goods, are all considerations for insurers.

Should we consider product recall insurance?

A product recall happens when a manufacturer becomes aware of a safety issue in their product and requests it to be returned from the consumer or removed from shelves. When a safety issue is discovered, it kicks off a series of events leading up to and surrounding the recall itself. You will typically have an obligation to notify the regulator immediately, and in most cases will have to notify the general public, including their customers, their suppliers and other stakeholders. Cover can provide for a number of product recall situations including errors by contract, manufacturers and product guarantee.

Why cyber insurance for manufactures is important?

Manufacturers are typically more heavily reliant upon systems and processes than other industries. If a hacker takes control and demands a ransom to give you back control, how would you respond? Cyber business interruption can also cover for the subsequent loss of profits and increased costs resulting from a cyber attack.

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