Manufacturing processes and factory floors are being transformed by advances in technologies, globalisation and a changing business landscape. Manufacturers have unique and complex risks, which can shut down operations and severely disrupt their business. Manufacturing businesses require specific risk planning to structure an insurance program to suit their operating environment.
Barrack Broking understands these challenges and the complexities to manufacturers insurance. We are well positioned to proactively help companies of all sizes navigate and thrive in today’s world of uncertainty with Manufacturing Liability insurance.
MEF is a grassroots not-for-profit established in 2021 to support and grow the Sunshine Coast's manufacturing sector. They help manufacturers solve problems, build capability and grow.
The peak body representing the entire Australian steel supply chain from the manufacturing mills right through to end users in building and construction, heavy engineering and manufacturing.
Management liability is a comprehensive bundle policy that covers the operational and legal risks impacting your senior leadership team.
The structure isn’t identical across insurers, but most policies are built up from a few key sections which typically include:
Under Australian Consumer Law manufacturers have a legal responsibility to supply products without safety defects. If a consumer suffers an injury or damage to themselves or their property due to your product, they may seek compensation. One of the most critical areas of insurance for manufacturing businesses is product liability. Product liability insurance is designed to cover these claims, including the costs associated with product recalls. This type of insurance is crucial for protecting your business from financial losses stemming from defective products.
Manufacturers’ Errors and Omissions (E&O) Typical professional indemnity policies will not cover claims arising from the supply of goods. As well, public liability insurance usually only covers personal injury or property damage. Manufacturers’ Errors and Omissions extends cover to include claims arising from negligence, contractual liability, statutory breaches and equitable breaches.
Property insurance will be required to protect against property being damaged or destroyed. Most businesses will also require insurance for stock and ingredients, sometimes kept in cold storage. Repairing and replacing specialised machinery can take a long time, especially if parts need to be imported or custom-made. Ensuring you are covered for such circumstances is essential.
Manufacturing businesses can be disrupted by several sources. Whether access is prevented from debris following a storm, or an energy crisis happening on the other side of the world. Business interruption insurance is designed to support your manufacturing business in the aftermath of local and catastrophic events. This insurance helps to cover ongoing operational costs while you recover and can provide financial relief if supply chain disruptions prevent you from obtaining necessary materials.
Manufacturing environments often involve the use of heavy machinery, hazardous materials, repetitive motions, and physically demanding tasks, all of which increase the risk of accidents and injuries. Implementing stringent workplace health and safety procedures, along with comprehensive employee training, can mitigate these risks. However, should an accident occur, workers’ compensation insurance will cover the costs associated with employee injuries, whether physical or mental. Australian law requires employers to have workers compensation to cover their employees.
As operational technology and industrial control systems are increasingly integrated with internal networks and systems, they are becoming more susceptible to cyber-attacks. Not only is production at risk, but cybercriminals can also demand a ransom to exploit the vulnerability
If you operate a business that transforms raw materials or components into finished goods, using a combination of labour, machinery and processes, then Barrack Broking can help you with Manufacturing insurance.
Some manufacturing companies we work with include:
Given the dynamic nature of the manufacturing industry, it is crucial to regularly review and update your insurance coverage. Your business needs can change over time, and staying up-to-date with the appropriate insurance policies ensures you remain protected against evolving risks.
Our assessment, analysis and recommendations include:
Our clients rely on us for strategic advice and dependable support.
We’ve always have such a great experience with Barrack Broking. Our Account Manager, Dale is incredibly friendly, easy to deal with, and genuinely attentive to everything we need. Nothing ever
thanks again Dale and Barrack for making the insurance renewal process so smooth and timely yet again
Had a great experience with Barrack Broking – Insurance Brokers Brisbane. The whole process was smooth, professional, and easy to understand. A big shoutout to Amiel – absolute superstar. He
Competitive premiums offered. Great service going over and above. I have peace of mind knowing the insurance policies are looked after by a wonderful highly experienced team. Can not be
Excellent Communication, and provide great options and competitive Premiums. Just a pleasure to deal with. Highly recommend this team to any business owner.
Extremely attentive, took real time to understand the business and saved us a considerable amount on our premium – highly recommended
As all businesses operate in an uncertain world, Barrack Broking is dedicated to delivering strategy, ideas and certainty to protect your business.
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