How to Protect your Business with the Right Insurance

empty factory

 

When you have built your own business from the ground, you’ll do anything to protect it.

Taking precautions to ensure the safety and wellbeing of staff and contractors is one part of giving your business the best insurance, as taking out sufficient fire, theft, vehicle and property insurance.

But what about the lesser-known factors which can cause damage to your manufacturing company? Let’s break them down and look at how you can get the best protection.

Business interruption

To make sure you are able to remain open after a serious claim event, you should safeguard your company with important insurance covers like business interruption and management liability. Certain risks can jeopardise your company, so you need to make sure your business interruption and management liability risks are covered with market policies, which will provide the benefits you will need in the event of a claim.

Public and products liability including statutory liability (fines and penalties)

The government are particularly strict about occupational health and safety, so it’s important to have the correct policies and procedures in place, but it’s also crucial to have insurance to protect you from statutory risks that may occur.

Machinery, computer and electronic breakdown

When the equipment breaks down in any manufacturing situation, it can spell disaster for many businesses. Luckily, you can be insured for this to avoid loss.

Professional Indemnity

In the event that one of your clients or customers claims for financial loss, bodily/personal injury or property damage as a result of an act, error or omission in your business’ services, professional indemnity insurance will protect you.

Tax Audit

Being selected for a taxation audit is time-consuming and can be costly. Taking out insurance helps in the event your business is chosen for audit, investigation or review.

Product Recall

Unfortunately, things can happen which means you might need to recall a product, and with the number of product recalls increasing in recent years, having insurance to protect you against significant loss can be very beneficial.

When it comes to manufacturing, one of the biggest mistakes people make is not taking out the best insurance they can. Speaking to an Adelaide Insurance Broker at MGA can help you sort the best cover for you and your company.

MGA take the guesswork out of the insurance process and their expert broking personnel will find the best protection for whatever you are covering. Your business is their business.