You have insurance in place to protect your premises, stock, staff, materials and third-party liabilities. But is absolutely every risk covered?

Read on and ask yourself if your insurance programme covers you for the following:

1. Business interruption - If you suffer material damage to equipment or a facility, do you have cover in place that pays for the actual loss of business income while your operations are suspended? Including lost revenue and temporary premises if required?

2. The indemnity period – The length of the indemnity period is important, and often overlooked. If for example you use bespoke equipment that could take upwards of 12 months to replace, is your indemnity period long enough to pay for the losses incurred during this time? Is the indemnity period in place for up to 12 months after the policy expires?

3. Exclusions - Your equipment might be used at night, attended or unattended. It’s all in the detail and you need to be sure you are covered for how you operate. Do you need to check if your current policy has exclusions that could catch you out?

4. The pandemic and digitisation in manufacturing is driving change in the industry. Traditional manufacturers are often now service businesses too, moving up and down the supply chain, providing value added services alongside physical products. It’s good advice to check your Insurance programme covers you for all activities and new services undertaken.

5. If a supplier experiences disruption that impacts on your business, does your policy protect your revenue and commitments to clients? When sourcing insurance we tend to focus on the immediate business but it’s prudent to consider all possible scenarios and have cover in place.

As insurers of manufacturers across the West Midlands these are the top exposures we pick up on when we carry out our free insurance health checks.

To get a free health check all you need to do is upload your policy documents and our experts will send you a RAG (Red, Amber, Green) report to show you the status of your cover.