Commercial Insurance
for Manufacturers
Commercial Insurance
for Manufacturers
Excalibur Insurance keeps Ontario wholesalers delivering with coverage you can understand and afford.
Excalibur Insurance keeps Ontario wholesalers
delivering with coverage you can understand and afford.
What coverage do I need & where can I save on business insurance?
Manufacturers are a crucial link in the supply chain. Without your facilities and enterprises, there are major disruptions. How do you protect your product, people and processes while being smart with your dollars?
While you are busy transforming goods into all the products the world needs, you may have failed to ensure an accident doesn’t transform your success. As a manufacturing business in Ontario, there will be coverage you can’t run the conveyor belts without, coverage to protect your team, protect specialized equipment, and more. We’re here to help make sense of it.
The team at Excalibur supports manufacturers in all settings. Your business may be manufacturing homes, leather, pharmaceuticals or electronics. It’s important to address the common exposures and challenges that face manufacturers specifically. Every stage of the process, from sourcing, processing, storing, to distributing faces risks. Rest assured that the Excalibur team will review all possible coverages to protect you & your customers from significant loss.
We always keep these items in mind.
At Excalibur insurance, our commercial specialists help you manage risk using our special process. Only buy the coverage you need; you have options to consider, and we can help you evaluate and understand them.
Manufacturing businesses, we can protect:
- Food, Beverage, and Tobacco
- Textiles, Leather, and Apparel
- Wood, Paper, and Printing
- Petroleum, Coal, Chemicals, Plastics and Rubber
- Nonmetallic Mineral
- Primary Metal, Fabricated Metal, and Machinery
- Computer and Electronics
- Electrical Equipment, Appliances, and Components
- Transportation
- Furniture
- Miscellaneous Manufacturing
The range of Manufacturing businesses are varied, and professionals in the field have a wide range of duties and tasks. Manufacturers face new risks and exposures everyday in an industry that is constantly faced with increased customer requirements, and innovative new processes and equipment.
Our team of Excalibur Defenders are there to provide business insurance suggestions and advice on how to manage your risks. If you are a Manufacturer and you don’t see your business listed, don’t hesitate to reach out.
OR, Just give us a call and speak to an Excalibur Defender
Let’s Begin with the Coverage You Need to Grow Your Business.
Our Excalibur Insurance Brokers might ask a lot of questions – for good reason.
Given the wide variety of manufacturing industries, there are unique risks and exposures. Insurance for Manufacturing businesses is important as it acts as a form of risk transfer.
An effective risk management strategy for manufacturing businesses includes acknowledging the risks your company may face. For each risk, once identified, there should be a method established for measuring the risk level and type of risk (financial, regulator, client-related, etc). In the Manufacturing industry, this may include product, contractual, and reputational risk. Each of these can be adequately managed with proper risk management procedures and business insurance coverage.
This list is not exhaustive however, there are a few areas of concern you may want to pay special attention to when reviewing your coverage as a manufacturer.
- Product Risk
This is the risk that a product contains a defect or was not produced to standards. It may later result in a liability event if the faulty product should cause bodily injury or property damage, to a distributor or even a consumer.To manage this risk, automation and equipment should be regularly maintained and looked after to ensure reduced faults. Standards of production should be upheld, and employees should be trained effectively to reduce potential errors.
- Contractual Risk
This covers the agreements between your business and a third party, such as a distributor or a retail business, for your business to produce and sell an agreed-upon quantity of your product. Failure to meet this deadline may result in reputational harm and a client could refuse to work with you later.Contracts should be effectively communicated, staff should be trained and up to date on priorities, and your business should avoid taking on tasks that are beyond its capacity to handle or clients that may have conflicting expectations.
Business Insurance for Manufacturing Businesses
A business insurance policy means assembling the unique coverages critical for protecting your bottom line. Different insurers will offer varying coverage options and different companies will have unique coverage needs. There is no one answer to how much coverage you need or what type. The cost will depend on many factors, such as your industry, what you produce, your employees and years of business experience, annual and projected revenues and business size.
While you may not need all the coverages listed below, it’s worth getting familiar with the ways your business can protect itself. A well-protected manufacturing business is a reliable one – able to confidently transform the next batch of raw materials with gusto.
Risk management isn’t always easy, but it is one of the most surefire ways to preserve your business. It may come in the form of management, mitigation, transference, avoidance, or even acceptance.
Excalibur Insurance Group has the resources needed to cover and protect your business against specific risks and will help align coverage in accordance with your individual business requirements.
You deserve an insurance broker who leaves nothing to chance, wants to save you money – and is willing to tell you the unvarnished truth.
OR, Just give us a call and speak to an Excalibur Defender
Learn more over at our Blog!
