Manufacturers Insurance in Canada
If your livelihood depends on manufacturing something – no matter how simple or complex, large or small – you will need manufacturing insurance coverage that mirrors your risks and protects your business interests.
Tailored insurance for all types of manufacturers
A business that manufactures pencils has very different insurance needs from one that manufactures airplanes or one that is in the food processing space. Rely on a manufacturing insurance expert to help tailor a manufacturing insurance coverage plan to address any exposures that your specific business might be facing.
Key types of manufacturing insurance considerations
Manufacturing can be simple or incredibly complex; and if you are in the food manufacturing chain, there are special considerations. An inventory and assessment is taken to consider the following risk points:
- Building and equipment
- Production machinery breakdown
- Business interruption
- Products liability
- Manufacturers errors & omissions
- Product recall
- Environmental liability
- Worldwide cargo requirements
- USA Workers compensation coverage
Risk management is more than insurance
Insurance is just one part of the equation. Identify risk and then what is the appetite to cover that risk ratio. To find the appropriate solution, think about the manufacturing process. Where can mistakes happen? What kind of contingency plans need to be in place to recover?
Think through the process from:
- Design
- Inventory acquisition
- Production
- Testing
- Regulatory requirements
- People and partnership in various points in the production and retail chain.
No matter what your industry if an incident occurs that creates an interruption of any one of the steps in the processes it can jeopardize safety, reputation, and revenue stream – and without a good safety net, it can take a long time to recover.
In addition to the requirements of property and product liability other areas to consider are:
- Business continuity planning
- Brand management
- Employment practices
- Contract reviews
- Culture change management
- Fleet safety
- And more
Your manufacturing business faces many different challenges – especially in a time of a pandemic where safety and other health protocols maybe be part of the equation. We have experience working with companies ranging from global biotech suppliers to North American metal product manufacturers. Our risk advisors can help ensure your organization is properly covered for the insurable risks and has mitigation and recovery strategies in place for the uninsurable ones
“Reliance Insurance has been our broker for over 10 years and we are extremely pleased with their service. They have been exceptionally helpful dealing with contracts with our customers.They have handled all claims that we have had very professionally. They make dealing with our insurance needs pain free and even pleasurable. Selecting Reliance as our broker was one the best decisions we have made.”
Controller, Frontier Power Products Ltd
Resources:
Manufacturing Safety Alliance of BC
