Manufacturer insurance, also known as product insurance, protects a manufacturer or supplier of a product from the cost of a compensation claim (usually injury) as a result of faulty design or defective manufacture. As a manufacturer you may be considered liable for any injury or property damage as a result of using your product, even if the fault is traced back to a component you have bought in a claim can still be made against you.
Manufacturing companies’ legal responsibility
Under the Consumer Protection Act 1987, products must be “fit for purpose” manufacturers are legally responsible for any damage or injury that a product you supply may cause.
If you supply a faulty product, claimants may try to claim from you first, even if you did not manufacture it. You’ll be liable for compensation claims if:
Depending upon the nature of the processes involved, your day to day business will face many challenges. These may include costs associated with the breakdown of custom made machinery, the fluctuation in currencies for imports and exports, health and safety of your workforce and the public as well as the more usual risks of theft, fire and flood.
So, as well as your day to day business insurance such as buildings, business interruption, theft and goods in transit, Baslow Insurance Services Limited will work with you to understand the intricacies of your business, and then survey the market using a range of insurers to find an insurance solution that fits your needs.
Factors that will be discussed and taken into consideration when obtaining a quotation are whether you have:
Other factors taken into consideration and need disclosing are whether:
The complex range of risks associated with working in manufacturing means that sourcing an insurance solution designed for your business can prove challenging. Baslow Insurance can help guide you through the process of sourcing a product to suit your needs.Many substances used or created at work can be harmful – from dust, gases and fumes to liquids, gels or powders. There could also be harmful micro-organisms present that can cause infection, an allergic reaction or are toxic. As an employer, you have a duty to look after the wellbeing of your employees so it’s important to eliminate, reduce the use or control these substances. Put the right measures in place to protect against harm from harmful substances You can also find out more about this on the Health and Safety Executives website to describe more about harmfull substance.
If your business ever starts to store harmful substances, you need to review how you can eliminate, reduce the use or control these harmful substances. You can also find out more about this on the Health and Safety Executives website.
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Copyright 2016 Baslow Insurance Services Limited, registered in England and Wales under Company number 06368581, registered office Blake House, Bath Street, Bakewell, Derbyshire, DE45 1BX. Baslow Insurance Services Limited is authorised and regulated by the Financial Conduct Authority under Firm Reference Number 473021, which can be checked on the Financial Services Register. We are covered by the Financial Ombudsman Service (FOS). For further information see the FOS website www.financial-ombudsman.org.uk, and the Complaints section of our Terms of Business.