Helping Engineering Businesses With Insurance

With over 25 years of industry experience I know that insuring a business in the engineering sector is not always a straightforward process.

There are many risks that need to be accounted for when insuring an engineering business.  Some of these risks will be standard trade risks that can be found in all engineering businesses but as no two businesses are the same, you may also have risks that are unique to your business which will give you unique insurance needs.  Very often these are overlooked. 

I will take time to understand your business and how it operates.  By working together from the outset, we will complete a comprehensive risk review discussing areas such as processes, suppliers and customers.

Whether you specialise in producing bespoke components or high-volume parts I can help you to find the correct solution for your business.

Key Areas of Discussion

  • Material Damage – Protects your business premises, contents, equipment and plant against loss or damage caused by fire, flood, storm, theft.   Policies can include cover for your moulds, tools and dies stored at your premises or anywhere in UK as well as Non Ferrous Metals up to 125% of the declared value to allow for rising commodity prices.
  • Business Interruption – If your business is unable to operate as a result of a material damage claim, this policy feature will replace lost profit as well as cover additional expenses incurred to keep the business trading.
  • Employers Liability – This is a legal requirement for most businesses and covers legal costs and awards if an employee suffers from illness or an injury whilst in your employment.
  • Public Liability – If someone (other than an employee) suffers from an injury or their property is damaged at your workplace or when you are visiting them, this will cover the resulting legal costs and potential awards.
  • Products Liability – If someone (other than an employee) suffers from an injury or property damage caused by a product you have produced, this will cover resulting legal costs and potential awards.  Policies can include Efficacy cover for safety critical components.
  • Goods in Transit – Protects your goods against damage whilst they are being transported from one place to another.

Optional Cover Features

In order to shape a policy that’s truly tailored to your business, I will talk you through any optional cover options you could benefit from.  For an Engineering Insurance policy these could include, but aren’t limited to:  Professional Indemnity, Machinery Breakdown/Business Interruption, Engineering Inspection, Motor Fleet Insurance, Directors and Officers, Group Personal Accident, Cyber.

Spencer Insurance Brokers have been handling our insurances for many years. Jo is friendly yet professional and we can always rely on her to deal with matters quickly and efficiently. Jo understands our business and has the expertise to arrange the right covers for us at a competitive premium.

Richard Clanfield Manager, OES Medical Ltd April 18, 2016