Manufacturing insurance is not a one-size-fits-all product. Your sector covers a hugely diverse range of product types and manufacturing methods. This means you need an adviser with the experience and perception to look in depth at your unique risks whether you are producing food, clothing, automotive products, electrical components, furniture, medicines, chemicals, heavy industrial plant or recycled goods.
One of the common issues manufacturers face is lost production time be it from a fire or mechanical failure, or one of its suppliers not being able to provide a component as they have suffered from an insurable loss.
It is critical in a manufacturing environment that you utilise an insurance broker that not only understand the risks of supply chain management but also the consequences if it fails. At Gallagher we provide risk advice to some of the largest manufacturers and more importantly have settled one of Australia’s largest failure of supply chain claims.
The other major issue that manufacturers face is workers compensation and claims management. We understand the importance of arranging the correct style of workers compensation policy to meet the sophistication of each individual client and how to assist in managing claims to ensure that claims cost do not escalate. Workers compensation usually represents about 50% of a manufacturers insurance bill and it is critical that it is managed properly.
Gallagher’s insurance specialists have experience of most manufacturing types and we understand the different phases of risk and the opportunities to tailor solutions to give you the most cost-effective, integrated approach for your business.
Our assessment, analysis and recommendations include:
- Business interruption risks
- Comprehensive premises, equipment and materials damage cover
- Design risk and manufacturing risk (and the intersection of the two)
- High fire hazard (EPS) risks
- Labour hire injury exposures
- Product liability protection for damage or injury arising from defects in design and manufacturing
- Product recall exposures
- Specialist cargo and transit needs.