Manufactures Liability Insurance
Why would there be a requirement for Public Liability Insurance for manufacturers and Product Liability cover in isolation?
There could be numerous answers to this but we see it as two main ones, the product you manufacture or the service you provide or because of premium size on a policy covering many sections might be too great under one policy such as commercial combined insurance.
Let us explain, as a manufacturer you would usually purchase Public Liability insurance as well as Product Liability insurance on one policy which also provides cover for your plant, machinery, fixtures etc as well as providing valuable cover to protect any loss of profits following a loss.
However, if you manufacture a product that might be considered higher risk particularly where you have product liability insurance it is worth considering splitting the liability covers away and obtaining protection separately.
Liability Insurance for manufacturers
Although many specialist insurance policy types exist for certain manufacturing trades, once you fall outside of the parameters, placing the liability covers such as Public Liability, Product Liability and Employers Liability separately could have many benefits.
A simple example… A precision engineering business that makes precision parts for Aviation, Petro-Chemical/Gas or even the Automotive sector could very well be a decline with many insurers on one insurance policy covering property, contents and liability. By separating out the liability part of the cover the market becomes less restricted.
A company exporting to the USA sees turnover starting to increase to that sector could find that they are exceeding what their current insurers will allow or even maybe even want to cover. A specialist insurer is required.
Taking the Liability Insurance out and placing with a specialist insurer can provide wider cover and sometimes a much lesser premium, freeing up many more insurers that will quote for the contents of your business, not hampered by the the public or products liability requirements.
USA Product Liability Insurance
Exporting is great, and to many businesses insurance is not a problem, unless you are exporting to the USA or to certain other parts of the world.
Generally an insurance company will take a cautious view when it comes the USA, if your product is quite harmless and your exports to the USA are small, not a problem.
When you get to higher risk products or where the exports are increasing amount of your turnover, USA Product Liability insurance becomes a bit of a problem for many.
We are able to place up to 100% product liability insurance for the USA.
What types of trades could benefit from a stand alone manufactures public liability insurance?
Automotive Component Manufacturers
Railway Components Manufacturers
Aviation Components Manufacturers
Medical Devices Manufacturers
PetroChemical component manufacturers
Safety Critical parts for all industries
Exporters to the USA
Keeping it separate
As we can see there could be many reasons why splitting liability insurance and property insurance apart. Speak to us about how we can do this, potentially increasing the cover you have and lowering your premiums at the same time.
More than just Liability Insurance cover
Liability insurance isn’t just the only cover you need as a manufacturer, you have your machinery and contents, business interruption, all need to be insured. Let us tailor a specific insurance program to your business needs.
Call Us on: 0330 058 0261