Insurance for manufacturers covers different manufacturing methods and product types including food, pharmaceutical, clothing, automotive, chemical, electrical, industrial and machinery, and many others. Insurance can protect you and your employees onsite, on the way to work and at work. Having the right cover is essential to help protect your business, your staff and your trading partners.
Manufacturing is a diverse industry, and one that is changing at a rapid pace thanks to the effects of technology and globalisation. The risks manufacturers face are complex, and could range from lost production time due to a mechanical outage, fire or supply chain failure, to a product recall due to a defect. In many cases, they will also be specific to what your business manufactures. Workers’ compensation is also a major risk for manufacturing businesses and cyber insurance is growing in importance as hackers pose a risk to both the smooth functioning of your systems and machinery as well as your confidential business data.
| Type of cover | Potential benefits |
|---|---|
| Business pack or Industrial Special Risks | Helps safeguard your business premises and contents against:
|
| Public and product liability | Can cover claims against you if it’s held that a negligent act by your business or its products results in personal injury or property damage. |
| Errors and Omissions cover | Covers liability where there is no personal injury or property damage. |
| Product recall | Can cover your business against the expense of a recall and provides assistance with crisis management and public relations to restore the reputation of your business. |
| Cyber | Safeguards against expenses and legal costs if your website or other systems are hacked and your system cannot be used or customers’ details are stolen. |
| Motor Insurance | Takes care of your valuable business vehicles, with cover to help:
|
| Management liability | Can protect you against legal action for a breach in relation to an employee. |
| Workers Compensation | Can cover the cost of your employees’ wages, rehabilitation, and medication if they become sick or injured through their work. |
Rohan owns a shop in the city. One night a water pipe bursts, flooding the building and damaging his stock. Even worse, the building must be evacuated and renovated to repair all the water damage. This means that Rohan is unable to trade for six weeks. Rohan’s business insurance covers the cost of the renovations. And, because he has business interruption insurance, he receives a payout to cover the income lost while he’s unable to trade.
Important note
This general information does not take into account your specific objectives, financial situation or needs. It is also not financial advice, nor complete, so please discuss the full details with Axle Insurance Brokers whether this type of insurance is appropriate for you. Deductibles, exclusions and limits apply. This type of insurance is issued by various insurers and can differ.
Axle Insurance Brokers Pty Ltd
ABN 88 681 367 760
Corporate Authorised Representative (No: 1313968) of McLardy McShane Partners Pty Ltd
AFSL 232987 I ABN 14 064 465 309
Level 3, Building 7, Botanicca Corporate Park, 570-588 Swan Street, RICHMOND VIC 3121
Give us a call 1300 356 657