With factories responsible for a plethora of different products, it can be difficult understanding the needs of your insurance and ending up with a ‘one size fits all’ package that doesn’t fairly represent your business’ offering. That’s where this blog is here to help, whether you make glass, plastic or metal objects, we’re here to guide you on your cover requirements.
Commercial Combined Cover
A common industry term, commercial combined is effectively the name for a packaged insurance policy that covers a wide wealth of trades across an even wider wealth of industries. These umbrella style policies encapsulate a wealth of features into one convenient renewal, possibly saving you both time and money. Don’t be put off if you see this term during your factory insurance research, just ensure the policies have the cover you need and suit your business needs. As standard this should include liability cover and a number of other policies.
We’ll explore what components reflect your industry best to assist you with finding the ultimate cover.
If you own the building your factory is in, you’ll want commercial buildings cover to ensure if for example fire or floods cause structural damage to the building, you’d be covered for rebuild or repair costs. If you don’t own the building, ensure your landlord has adequate cover so you can rest easy knowing you shouldn’t have to relocate as the property will be covered.
Manufacturing plants can be high risk facilities, often including expensive and dangerous machinery and, potentially, large quantities of stock. With manufacturing factories’ constant output being vital to the continuation of your business, you can’t afford to be without this vital facility. Therefore, you should gain comprehensive insurance cover that will protect your equipment, staff and business in unfortunate situations.
Business machinery cover should be your go to addition around the cornerstones of employers’ liability (a legal requirement which protects your employees) and public liability (which protects members of the public from damage caused by your actions or work). Business machinery covers your machines, understandably, and can provide vital funds to help with your machines if they’re stolen. When these are fundamental to your production line, they become vital to cover in your manufacturer’s policy.
Business interruption is another great piece of cover, providing crucial protection if you are forced to close your business for a period of time due to a flood, for example. This ensures you’re not left out of pocket, and can afford to pay your bills and your staff.
For wholesalers, you’ll be less focused on business machinery and more focused on protecting your most valuable asset, your stock. Stock cover can be included in commercial combined policies to keep your stock secure in the knowledge that if your goods are damaged or stolen, your insurance will keep your money in your pocket.
Business interruption is again vital for wholesalers and alongside liability, should collaborate to make an effective and affordable commercial combined policy to protect what matters to your business.
Distributors and Packagers
The beauty of commercial combined is it extends to components outside of your factory. So if you’re a distributor, as well as the cover for your machinery, staff, and business interruption, you can gain goods in transit cover. This’ll help to protect your packages during delivery, keeping your vans on the road and your customers happy. With goods in transit cover, you could be protected against theft or damages, providing total peace of mind.
As you can see from the above, commercial combined policies are perfect for factories and incredibly flexible in accommodating your needs. The best course of action when gaining your insurance is to speak to an independent broker who can discuss your needs and recommend a policy that suits not only your business, but also your budget.
This is where Coversure Halifax come in. With our years of experience working with a wealth of local factories, we understand what is required from your cover. We take the time to find the perfect policy for you, combining exceptional cover with a price that’ll keep your wallet happy.
If you’d like some independent advice, or even a no-obligation quote from the team, please get in touch with us. You can call us on 01422 292 925 or email us by clicking here and a member of our knowledgeable team will get in touch with you as soon as possible.