The Importance of Manufacturers’ Insurance in Ottawa
Today’s manufacturers must be innovative and flexible to respond to the needs of demanding clients. It is important for you to work with an Insurance partner who understands this environment and the constant changes in your ever-evolving business.
In the manufacturing industry, risk is everywhere: credit risk, business risk, workforce challenges, natural occurrences (fire, flood, earthquake), health and safety. These can impact not only your business but also the relationship with your key suppliers. Claims can interrupt your supply chain and negatively impact your revenue stream. Are you properly protected? Work with our professional staff to help you mitigate and control any risks in your business.
What is Manufacturing Insurance?
Manufacturing coverage is designed to meet the risks that certain businesses face. These are businesses that assemble or manufacture products, or produce specialty items for customers.
Who Needs Manufacturer Insurance?
From heavy engineering to advanced technology manufacturing, from a single facility to multi-site operations, you need insurance customized to your exposures and a service team that can provide you with expert advice at the most competitive premiums in the market.
A few examples of the types of companies that require Manufacturers Insurance are:
- Cabinet makers
- Contract Electronic Manufacturers
- Machine shops
- Window and Door Manufacturers
- Warehouse services
- OEM Companies
- Tool makers
Can I Get by With Basic Coverage?
It’s possible to get by with basic insurance, but you may be taking far more risks than you imagine. Here are the basics that most manufacturers should think about:
- Commercial Property Insurance – protecting your building, equipment, stock and more
- General liability Insurance – protection against personal injury claims
- Product Liability Insurance – protecting your product in the field
- Contents Insurance – even if you rent, you still need to insure the contents.
Manufacturing Insurance Options
Your options depend on the kind of business you operate, and it’s best to talk to an insurance professional about the available options. Here are some you can choose from:
- Equipment breakdown coverage – (Boiler and Machinery) including consequential losses.
- Business interruption coverage – (Including supply chain interruptions).
- Errors and Omissions – Protecting against design flaws or improper assembly of a product.
- Vehicle Insurance – you may need special coverage if you operate a fleet of vehicles.
- Inland marine coverage – this covers your cargo while in transit.
- Trade Credit Insurance – protecting your accounts receivable from loss due to credit risks such as insolvency or bankruptcy of a client
- Product Recall Insurance
The Value of Experienced Manufacturer Insurance Professionals
Your Reid & Bradley’s Insurance team will become a key part of your business operation and risk management planning. Our advisers have the knowledge, experience, and understanding in this specialized sector to manage the most complex insurance challenges.