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Manufacturing Insurance South Africa
Protecting the producers against the negative financial impacts of common perils
What insurance do manufacturers in South Africa need? Find out how it works. Get quotes for manufacturing insurance to suit your needs & budget here.
Manufacturing business forms the backbone of economic activity, providing everything from generic medicines to electronic equipment, supplying specialised stores, and fuelling the retail trade. With a wide range of daily activities circling around the manufacture of goods in South Africa, the right insurance cover is essential. Any business in the manufacturing industry faces a variety of risks that insurance can help cover.
What is Manufacturing Insurance?
Manufacturing insurance is insurance tailored to the needs of the manufacturing industry and designed to protect manufacturing companies from the financial implications of common perils. In South Africa, many insurers offer tailored business insurance solutions designed specifically for manufacturing companies. This type of insurance can protect manufacturers against financial damages that may occur because of an unplanned perilous event.
How Manufacturing Insurance Works
You can choose to get customized insurance solutions from a commercial insurance provider with a good reputation in the country. Or, you can build a portfolio of different insurance types to cover your most material risks. Your insurance cover is likely to form an important part of risk management strategies for your business.
To start, it’s best to compare insurance coverage offers from more than one insurance carrier. You can look at insurance costs and inspect the insurance policy details in documents provided by the insurer before you finalise your choice. We offer free insurance quotes that are easy and obligation-free. Just fill in the form at the top of this page.
The extent of perils your insurance for manufacturers covers will depend on the insurer you choose to go with, because each policy differs. It’s important to ensure you understand the limits of your cover for unexpected events. You can see the coverage limits in your policy documentation under “exclusions” and “terms and conditions”.
Once the business owner and manufacturers insurance provider have signed the policy documents, the first monthly payment will go off for your cover, and thereafter, your policy becomes active. Sometimes, waiting periods may apply before you can claim for certain unexpected events. A manufacturer’s insurance policy is designed to give you peace of mind that natural disasters and other unpredictable perils won’t bring financial ruin for your company.
Is insurance a manufacturing overhead?
Yes, the insurance portion for the factory is considered part of factory overheads in South Africa.
What Insurance Does a Manufacturer Need?
There are some basic forms of cover that all manufacturers need, but some manufacturers may need additional coverage in their commercial insurance package for perils unique to their operations. Most manufacturers should include cover for manufacturing defects such as products liability insurance in their portfolio.
Beverage manufacturers and manufacturers of food items may want to get food processing insurance as well, since it will cover risks involved in food processing that go beyond standard product liability cover. The business insurance policies you include in your portfolio should ideally be able to cover events that may cause physical damage, unexpected medical expenses, business interruption, third-party claims, and unexpected financial losses.
It’s a good idea to consider which perils your factory and manufacturing operations are at risk for and where you may need to pay out compensation claims for, for example, workplace injury. You can speak to your insurer about your coverage options. You can consider the below types of cover.
Insurance for Manufacturing Businesses
- Business interruption cover – business interruption coverage is essential for a country where common interruptions like load shedding can impact the financial strength of your organisation by interrupting production.
- General Liability Insurance – cover for third-party claims against your business where you are held liable for injury or accidental damage
- Product Liability Insurance – Cover for claims against your business due to faulty products or product-related damages.
- Commercial Property Insurance – buildings insurance or business property insurance to cover the physical structures on your property as well as the fixtures.
- Commercial Auto Insurance – insurance for company vehicles, whether a single business-owned vehicle or a fleet of trucks.
- Contents Insurance – sometimes called office equipment or business equipment cover. This covers items within your business premises that are not fixtures, such as furniture and air conditioning.
- Machinery Breakdown Insurance – cover for important machinery used in your manufacturing business
- Stock Insurance or Stock in Transit Insurance – cover for produced goods that are being moved or stored.
- Electronic Equipment Insurance – cover for the important electronics used in your organisation.
Do manufacturers need professional indemnity insurance?
Yes, professional indemnity cover is a good idea for manufacturers.
Are you looking for manufacturing insurance companies in South Africa? You don’t have to search through websites and phone different insurers. Let our system do the work of finding the right insurance for you. Simply fill in our form, and the best insurer for your needs will contact you with a free quote!