Manufacturers Insurance

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Business Insurance for a Manufacturer*

Manufacturers need business insurance, including public liability insurance, as manufacturers typically work with materials and heavy specialised machinery that increase the probability of an accident.

Public and Products Liability insurance may protect manufacturer business owners against damages from claims if customers or suppliers hurt themselves in your factory or from claims of harm or illness caused by products manufactured or sold by you.

Manufacturing business owners also face risks in relation to the commercial premises they operate from, theft or spoilage of their stock, equipment breakdown, transit, and commercial motor.

Fortunately, suitable business insurance for manufacturers may provide protection against financial hardships that could arise from accidents, property damage, or legal claims caused by your manufacturer business activities.

Manufacturers’ business insurance, including product and public liability insurance, may cover property damage, injuries to third parties that are caused by your manufacturer business activities.

By ‘packaging’ their business insurance into a ‘business pack’ manufacturers can potentially cover many of the risks their business faces in the one policy.

Many Business Owners are UNSURE if they are COVERED PROPERLY.
We help them find affordable and SUITABLE INSURANCE so they can run their business with CONFIDENCE.*

What Insurance Do I Need as a Manufacturer?*

Some of the major types of business insurance covers available to manufacturers in Australia are explained below and include:

  • Business Insurance Pack
  • Public Liability Insurance
  • Commercial Motor insurance
  • Plant and Equipment Insurance
  • Cyber Insurance

Business insurance pack for manufacturers*

Manufacturers may be able to combine multiple covers in a single business insurance pack policy.

By ‘packaging’ their business insurance into a ‘business pack’ manufacturers can potentially cover many of the risks their business faces in the one policy.

For example, if a manufacturer has a commercial premises, a business insurance pack may provide cover for buildings and contents if they are accidentally damaged by a defined event, such as fire, storm, impact damage, accidental damage, vandalism, or malicious damage.

Other typical inclusions for manufacturers with a business insurance pack are Public Liability Insurance and Product Liability Insurance.

Optional inclusions for manufacturers with a business insurance pack are General Property, Contents, Machinery Breakdown, Plant and Stock, Theft, Glass, Money, Business Interruption, Product Recall* and Marine Cover.

For example, for food manufacturers, food spoilage may be covered in the event of machinery breakdown, and loss of profits may be covered under business interruption if caused by a defined event.

Coverage under a business insurance pack for manufacturers varies depending on the cover options manufacturers select.

Multiple manufacturing business locations may be able to be covered on the one business insurance pack policy.

Loss or Theft of stock for manufacturers

Covering your stock, goods under production and finished goods awaiting dispatch at the correct level is crucial in the event of loss or damage

A major storm, power outage or even small fire could leave your manufacturing business with costly damaged or worthless stock.

Similarly, if you manufacture products of high value , or that are easy to on sell, your products may be stolen.

Help reduce the loss or damage to stock by taking the stock and theft cover options as part of your combined business insurance pack.

Smart Business Insurance pro tip: What is the most amount of stock you have at any one time? Cover this amount. It’s often at peak times business that major accidents occur.

Contact a Smart Business Insurance broker for more information.

Commercial motor insurance for manufacturers*

 Commercial motor insurance should be considered for manufacturers that drive their vehicle to pick up and deliver materials, stock and finished goods. Light trucks, vans and Utes may be covered.

Plant & Equipment Insurance for manufacturers *

Plant & Equipment Insurance may provide cover for owners of manufacturers that operate equipment such as milling machines, drilling machines, turning machines, testing machines , packaging machines,  grinders and conveyor belts..

Cover may provide manufacturers with protection for theft, damage, consequential loss, liability, and machinery breakdown.

Cyber Insurance for manufacturers *

Your manufacturing business networked computer system is a target for hackers, as is your online store if you have one.

If you are hacked and incur a data breach, you may incur significant tech bills, be open to be sued by frustrated customers, and may be subject to thousands of dollars in government fines.

Help reduce the impact of damages from data hacking with cyber insurance – and keep your manufacturer business going.

Why do manufacturers need product and public liability insurance?*

Public Liability Insurance coverage is essential for all self-employed manufacturers.

In Australia, public liability insurance also typically includes product liability insurance.

People and property on site may be hurt or damaged due to accidents involving your manufacturing business activities.

Protections offered to self-employed manufacturers by public liability insurance in Australia generally include:

  • Injury to other persons due to your manufacturing business activities –Where a manufacturer’s business activity causes harm to a third-party person. For example, a client or supplier is injured when they trip and fall in your manufacturing business premises.
  • Damage to others property due to your manufacturer business activities – Where a manufacturer’s business activity causes damages to a third- party’s property. For example, a manufacturer’s employee may accidently cause damage to a supplier’s van when unloading. Or one of your forklift operators cause damage to the building next door,
  • Harm to other persons or other persons property due to your manufacturer business’s products – Where a manufacturer business’s products and goods supplied causes harm to a third party -person or a third- party’s property. For example, a product you have manufactured causes harm to the end user or another person.

Public liability insurance coverage may protect manufacturers from claims that arise when others allege they are negligent.

A manufacturer’s public liability policy may provide a defence against the ensuing lawsuit when needed and may pay the damages sought by the injured party.

Public Liability Insurance may provide manufacturers with protection for slip-and-trip accidents, serious illness or harm caused by products manufactured.

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What are the costs of Manufacturer Business Insurance?*

How much does business insurance, including public and products liability insurance, cost for manufacturers?*

Key factors in determining how much business insurance, including public and products liability insurance will cost a manufacturer include:

  • where your business premises are located
  • the value of the property insured
  • the level of security and fire protection
  • age of premises and equipment
  • the size and turnover of your manufacturer business
  • number of staff
  • the optional covers selected
  • your claims history
  • the level of cover selected (for example, $5 million, $10 million or $20 million liability).

Our helpful business insurance brokers may be able to help you find suitable and affordable business insurance for your manufacturing business on 1300 542 573 

What type of manufacturers may be covered with business insurance ?*

  • Accessories manufacturers
  • Alcohol manufacturers
  • Bakery goods manufacturers
  • Clothing manufacturers
  • Cosmetics goods manufacturers
  • Construction goods manufacturers
  • Electronic equipment ,manufacturers
  • Drinks manufacturers
  • Farm good manufacturers
  • Furniture manufactures
  • Food manufacturers
  • Industrial goods manufacturers
  • Steel manufacturers
  • Plastic and Rubber manufacturers
  • Signage manufacturers
  • Sporting goods manufacturers
  • Steel manufacturers
  • Wood products manufacturers

Why should manufacturers use an insurance broker in Australia?*

If you are the owner of a  manufacturing business deciding on whether to use an insurance broker for your business insurance, it is important to consider that brokers act in the interests of the manufacturing business owner.

Direct insurers and agents act for the insurer. This can be important; especially if you need to claim.

Brokers can help manufacturers by sourcing competitive quotes on policy inception, negotiate with the insurance companies to prevent or limit increases on renewal, remarket your policy to other suitable insurance companies where appropriate, talk to underwriters about policy wordings, industry classifications and terms, talk to insurance assessors during the claims process and repairers where necessary.

How do I get a manufacturer insurance quote?*

Simply TALK to a SMART Business Insurance broker on 1300 542 573 or contact us online for suitable and affordable business insurance quotes for your manufacturing business.