Insurance for the Manufacturing Industry
Australia’s manufacturing sector is a diverse industry that is currently experiencing a period of rapid change, as technological advancements and the impact of globalization affect how businesses operate and trade.
As a significant driver of the national economy (the Australian manufacturing industry contributes around $100 billion to GDP annually, and employs over 900,000 people), it is important that manufacturing businesses choose the right cover to protect their operations.
At MKP Insurance, we understand the unique risks that arise in the manufacturing industry and can tailor solutions to protect your business.
Manufacturers face a range of complex risks. These include lost production time due to mechanical issues, supply chain failures, and product recalls. Risks will also arise that are specific to the product that a business manufactures.
Workers compensation is a major risk for all manufacturing businesses. According to icare, the manufacturing industry has the highest number of workers’ insurance claims compared to other industries.
Cyber crime is also a growing threat to manufacturing businesses. Hackers pose a risk to both systems and machine functions, as well as confidential business data. Intellectual property theft, interruption of operations and direct theft of funds are three of the biggest cyber risks facing manufacturers.
- Helps safeguard your business premises and contents against:
- Equipment or machinery breakdown
- Damage caused by fire, storm or accidental damage
- Business interruption
- Employee dishonesty
- Property or glass damage
- Legal issues, such as with public and products liability
- Tax audit
- Theft, and theft or loss of money
Covers claims against you if it’s held that a negligent act by your business or its products results in personal injury or property damage.
Covers your business against the expense of a product recall and provides assistance with crisis management and public relations to restore the reputation of your business.
Takes care of your valuable business vehicles with cover to:
- Help if you or your staff damage another person’s vehicle
- Repair your vehicle after an accident or replace it if it’s written off
- Replace a lost or stolen vehicle
- Safeguard you against legal liability.
Can protect you against legal action for a breach in relation to an employee.
Helps protect you and your business from the financial risk of being liable for negligence.
Helps safeguard you and your business against expenses and legal costs if your website or other systems are hacked and your system cannot be used or customers’ details are stolen.
Contact MKP Insurance today for a no obligation discussion about how you can protect your manufacturing business.
