One sector of the UK economy that has consistently raised concerns about Brexit is the manufacturing sector. After all, the only certainty about Brexit right now is that there is no certainty.
With headlines this week stating that every region within the UK's economy will be affected by a no deal Brexit, it's believed that areas that rely more heavily on exports and manufacturing will be most severely damaged.
It's all very up in the air, and yet the show must go on.
Close to home, we have a number of manufacturing companies based right here in St Leonards, who will be watching eagerly as events unfold. Regardless of what happens in the future there is one sure thing that all manufacturing businesses must have in place to protect their business - not just when Brexit happens (or doesn't) but right now.
Cover must be in place to adequately protect your business - from the buildings, machinery, stock and raw materials, as well as your clients, staff, and many other trading activities.
Global Re Broking are specialists in the sector, offering a proposition comprising a wide range of cover extensions and services tailored to the typical insurance needs of policyholders in the general manufacturing sector with a combined property and casualty premium of £5,000 – £100,000.
Cover enhancements to relevant sections of insurance are available to ensure maximum protection (and are automatically included free of charge if the relevant section is operative).
Examples of this are:
Material Damage - within this section the types of additional enhancements available include exhibition cover; moulds, tools and dies; faulty or defective workmanship; operational errors and omissions; 25% seasonal increase in stock sum insured and the replacement of damaged machinery and plant with green friendly models.
Business Interruption - enhancements include unnamed customers/suppliers; exhibition sites; property stored and property in transit; research and development costs.
Goods in Transit - additional cover includes protection for own goods in own vehicles and territorial limits for own goods in transit extended to the EU.
Employer’s Liability - your manufacturing business can also get personal accident cover with benefits of up to £10,000 paid for an accidental bodily injury occurred at work resulting in death or disablement.
Public Liability and Products Liability - cover to extend to areas such as liability for the spread of Legionella bacteria; pollution clean-up costs; products financial loss; first party product recall expenses.
Business Travel - Medical expenses and associated covers for up to 30 trips.
Fleet - specialist cover for fleets of lorries/vehicles for distribution purposes.
All of the above are dependent on the type of cover purchased and may be subject to conditions, limitations or exclusions of the cover. Full details of exactly what is included in your own personal policy will be fully discussed and agreed before your policy commences.
In terms of comprehensive insurance cover for your manufacturing business, the proposition from Global Re Broking is exceptional.
If you're looking to renew your manufacturing insurance policy or need some advice contact the team on 01424 858 190 today.
Blog post first posted https://www.thebestof.co.uk/local/hastings/community-hub/blog/view/insurance-for-the-manufacturing-sector-from-global-rebroking/ on 22/01/2019