INSURANCE FOR MANUFACTURERS
Issues can unexpectedly arise across your entire operation, from natural disasters and theft through to business interruption and product recall. At best, they’re costly aggravations, at worst, they could close your enterprise forever.
PIB is recognised as Sydney’s premier provider of manufacturing insurance. Delivering tailored protection that focuses on the particular needs of your business, we ensure that your enterprise is robustly defended — allowing you to carry on making profits and driving your industry forward.
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Why You Need Manufacturer Insurance
But, whatever your particular operation, it shares one common similarity with all other manufacturers — exposure to a multitude of risks.
Typically, manufacturing businesses utilise expensive and dangerous machinery, employ large numbers of staff, utilise skilled tradespersons, supply products for retail, and run complex IT stock systems. This means a variety of threats including theft, employee accidents, incapacity of personnel, product recall, and cyber-attacks.
Furthermore, your manufacturing business can be the driving force behind an extensive supply chain. If an unwanted event damages your enterprise, it can adversely impact logistics and retail — creating a costly domino effect.
Unprotected, you and your enterprise could face expensive claims, legal action, and replacement costs — threatening the very continuance of your operation. PIB’s specialist manufacturing and factory insurance safeguards your enterprise from existential threats.
What Business Types Does Insurance for Manufacturers Protect?
Whether you’re a large-scale global producer, or a more modest family-run operation, PIB can protect your business with manufacturing insurance.
While not an exhaustive list, our most common insurance for manufacturers of Australia includes:
- Clothing, shoewear, and textile manufacturers insurance.
- Wood, MDF, ply, and timber manufacturers insurance.
- Import, export, and distribution insurance.
- Machinery and tool manufacturers insurance.
- Food and beverage manufacturers insurance.
- Rubber, plastic, and polymer product manufacturers insurance.
- Car and vehicle manufacturers insurance.
- Chemical and pharmacological manufacturers insurance.
- Safety equipment manufacturers insurance.
- Furniture, kitchen, and bathroom manufacturers insurance.
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What Does Insurance for Manufacturers Cover?
At PIB, we know your business is individual and nuanced. That’s why we build bespoke protection that’s tailored to the intrinsic threats facing your operation.
Working together, we will review your enterprise, identify the areas of risk, and build a strategy to defend your business. In short, you pay for the cover you need — not what you don’t.
What’s more, your operation doesn’t have to be exclusively manufacturing. If it’s a combination of import/export, logistics, wholesale, and retail — we will still safeguard your business.
Our most popular manufacturing insurance typically includes:
Public Liability Insurance for Manufacturers
Despite your extensive efforts, accidents can still happen at your workplace. A wholesale client may trip and fall in your office, or a visiting supplier might injure themselves on your machinery.
This could lead to an expensive claim for personal injury, or in extreme cases, death. With costs possibly running into the millions of dollars, it could be the end of your operation.
Public liability insurance defends your business against compensation claims and legal expenses.
Product Liability Insurance for Manufacturers
The items you manufacture are the keystones of your enterprise. But, if these products cause alleged personal injury to a third party, or lead to property damage, your business might face costly claims. This also includes products that you repaired, refurbished, or altered — even if you didn’t originally make the items.
Product liability insurance addresses the legal costs and compensation arising from a claim.
Product Recall Insurance
Naturally, your business already has a quality assurance system in place, but sometimes, mistakes can occur in your manufactured items.
Recalling dangerous, malfunctioning, or contaminated products is costly — both in the physical return and in the damage to your reputation.
Product recall insurance, already included in some product liability insurance policies, protects the expenses associated with the recall. In many cases, you can also add cover to defend against malicious actions that result in a recall.
Professional Indemnity Insurance for Manufacturers
Sometimes referred to as PI, professional indemnity insurance safeguards your manufacturing enterprise should a customer state that the advice or actions of an executive or employee caused them to experience financial loss.
Not only does PI cover the expense of claim compensation — but also any associated legal fees and costs.
Although typically associated with advice professionals — such as lawyers and accountants — it’s also popular in manufacturing. Particularly, where an operation designs products, or provides advice on design, for a fee.
Commercial Property Insurance for Manufacturers
Crucial for your manufacturing business, commercial property insurance shields your operation against costs, losses, and claims that are incurred through damage to your building and its contents.
Insured events can be tailored to suit your particular business, but typically include protection from burglary, fire, flood, storm, vandalism, goods damaged in transit, and accidental damage.
Cyber Insurance for Manufacturers
No longer just the domain of e commerce insurance in Australia, cyber insurance protects your manufacturing business against costs and losses arising from hacking, ransomware, phishing, and malware.
Most modern manufacturing enterprises are heavily reliant on their IT systems — from stock control and payroll through to customer databases and KPIs. If a safety breach occurs, cyber insurance can address any legal fines, penalties, reparation costs, reputation repair, and court costs.
Business Interruption Insurance for Manufacturers
An unexpected event such as a chemical leak, machinery vandalism, or government lockdown could prevent your business from operating — having a dramatic effect on your revenue and profits.
Business interruption insurance protects your operation from a drop in sales — allowing you to address your payroll, bills, loans, and possible relocation. This cover could mean the difference between your enterprise remaining open, or closing forever.
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How Much Does Manufacturer Insurance Cost?
A small manufacturer with a small number of employees and clients will have relatively low-cost cover. However, an internationally-trading operation using expensive machinery, dealing with a vast number of clients, and trading risky or premium products will have higher insurance premiums.
By delivering bespoke protection, you’re assured of receiving comprehensive cover combined with the most affordable cost.
Why Choose PIB for Your Manufacturing Business Insurance?
You’re proud of the quality of service and products you deliver to your customers and clients — your manufacturing business deserves an insurance specialist with the same unwavering commitment to excellence.
As experts in manufacturing insurance, PIB will ensure that your operation enjoys the pinnacle of specialist advice and protection — defending it against its inherent threats, for the long term.
Backed by over three decades of industry experience, our team of friendly and professional advisors will strive relentlessly to safeguard your enterprise — delivering affordable manufacturers insurance tailored to your needs.
Defend Your Business NOW With Manufacturers Insurance — Chat With PIB
With PIB, you’re partnering with a significant force in the risk-protection sector.
Part of Australasia’s largest general insurance broker network — the Steadfast Group — we leverage Steadfast’s substantial scale to ensure you have access to a wide range of insurance companies, a broad scope of products, exclusive policy options, and perhaps most importantly — bottom-line-friendly competitive pricing.
And, should the unexpected happen and you need to make a claim, you will have the powerhouse backing of Steadfast behind you.
Professional Insurance Brokers is a leading specialist in custom, tailored insurance policies for individuals and businesses. Through our subsidiaries, including Unicorn Risk Services, we also have extensive experience in brokering insurance policies for the massive range of community and not-for-profit organisations that operate throughout Australia.