For firms who manufacture, fabricate, assemble or install products, we design customized general and umbrella liability coverage. It can include such options as product recall insurance, unlimited legal defence in Canada, the U.S. and most other countries, and worldwide coverage for employees and sales reps. We will insure properties, protect you against business interruption, and provide coverage for design-and-build professionals and engineers. We insure pollution liability, and also cover errors and omissions.
As manufacturing industries continue to undergo significant changes and become more global and competitive, businesses must have insurance that can adapt and keep pace with these developments.
Customized insurance policies specifically tailored for manufacturing companies can protect expensive machinery and supply chain partners in the event of any issues or problems. Manufacturing businesses must consider their risks and ensure they have the appropriate insurance coverage to mitigate them.
Manufacturing insurance basics
Manufacturing insurance covers a range of risks specific to the industry, such as damages to buildings and equipment, machinery breakdown, business interruption, and liability for products. This coverage can include protection for product defects, injuries caused by the use of products, and additional liability protection beyond the limits of other liability policies. By purchasing the appropriate insurance coverage, manufacturers can protect their assets and ensure the continued success of their business.
Risk management for advanced manufacturing and emerging technologies
Risk management is a critical aspect of advanced manufacturing and emerging technologies. It involves identifying, analyzing, and mitigating potential risks that may arise during the development, deployment, and operation of these technologies. These risks can include technical risks, such as data security breaches or equipment malfunctions, as well as regulatory and legal risks related to compliance with industry standards and laws.
To effectively manage risk in advanced manufacturing and emerging technologies, it is essential to have a clear understanding of the potential risks involved and to put in place appropriate measures to mitigate them.
Product liability insurance
Product liability insurance is a type of insurance that protects businesses from financial losses resulting from defective products. This insurance covers companies if a product they have manufactured, sold, or distributed causes injury or damage to a person or property.
Product liability insurance is important for businesses because it can help cover legal defence costs and any settlements or judgments that may arise from a product liability claim. It can also provide financial protection for businesses if a product recall is necessary.
Companies typically need to provide detailed information about the products they produce and their manufacturing processes to obtain product liability insurance. This insurance can be a valuable resource for businesses that want to protect themselves against the potential financial consequences of product defects.
Supply chain risks
Insurance for supply chain disruption is a type of coverage that helps businesses mitigate the financial impact of disruptions to their supply chain; this can include disruptions caused by events such as natural disasters, transportation delays, or supplier bankruptcy.
Such disruptions can lead to significant financial losses for businesses, as they may be unable to meet customer demand or incur additional costs in finding alternative suppliers. Supply chain disruption insurance can help companies recover some of these losses by providing financial compensation for lost revenue, increased costs, or other damages.
It is important for businesses to carefully review their insurance and consider purchasing supply chain disruption coverage to protect against the potential financial impact of supply chain disruptions.
As a manufacturer, how do you quantify your true cost of risk?
At CMB Insurance Brokers, we take a comprehensive approach to risk management by considering a range of insurance strategies. These include:
- Identifying potential risks through both qualitative and quantitative methods
- Analyzing losses to uncover potential exposures
- Implementing pre- or post-loss initiatives to manage costs
- Developing business continuation plans and disaster recovery strategies
- Examining risk financing options, including retained losses or transferred risks
- Ensuring compliance with relevant regulations
We’ll work with you to develop a strategic action plan, to assist in the execution of the designed risk management program, and are committed to the monitoring and support of these initiatives. If you are interested in reviewing your risk management strategies and insurance coverage, contact CMB Insurance Brokers today to speak with one of our insurance professionals.