Making insurance work for you
An insurance broker should be much more than a go-between.
For manufacturing companies, a big loss followed by a failed insurance claim could mean shutting the doors permanently. Given the increased costs of machinery and materials, and the prevalence of supply chain issues across the world, getting back up and running can be challenging/improbable/impossible.
To properly protect your business, without breaking the budget, you’re looking for a broker who can make an impact. Someone who can help control costs, improve risk management - and when it comes down to it, get claims paid promptly.
You’re in the right place!
As one of the largest insurance brokers in the UK, we have built up strong relationships with key specialist insurers, which means we can negotiate hard on your behalf.
We bring you specially enhanced policy wordings as a starting point, then tailor all the small details to make sure you have the right cover in place in relation to your suppliers, customers, and the territories that they are in.
Who we work with
We work with manufacturers of many different products.
- Automotive parts
- Computer and electronics product manufacturing
- Injection moulders
What we can help with
Property & Buildings
Whether you own the facility or lease it, a review of the property insurance can be telling. It is incredibly common to be underinsured, given recent rises in rebuild values.
Plant & Machinery / Equipment breakdown
Covers accidents and breakdowns outside of what is covered by your property insurance, existing guarantees, and maintenance agreements. Highly tailored to comprehensively cover the equipment you have and the way you use it.
We can cover all manner of equipment and business technology. If you’re using it, we can protect it.
Contents / stock
Covers general business equipment and documents, plus your stock. We can design flexible policies to account for influxes of stock and materials during busy times.
Protect your stock wherever it is in the world, from the sourcing components to your end product’s final destination. We can write in clauses that protect your assets internationally - great for exporters.
Crime / Fidelity / Fraud
Employee dishonesty and theft is always a risk. We can write in specific clauses that properly protect you and can pay out long before criminal proceedings are completed (often an issue with many standard market policies).
Cyber-attacks on manufacturing facilities can shut down all your processes and stop production. Cyber insurance provides a proactive response. You call a number, and our experts will be on the scene, fixing the problem. That means cyber-defence IT specialists clean your systems, re-establish defences and get you back up and running. The policy also provides lawyers, PR-gurus, and ransom negotiators as required.
Many policies don’t include lower-tech cyber fraud, so-called “social engineering,” i.e. online trickery and duping of your employees. This is actually a really common claim and one of the biggest risks for any company with a busy accounts department – we always advise to include social engineering in cyber coverage.
Management Liability / Directors’ and Officers’
Claims against managers and directors for their actions whilst representing the company are becoming more common. We can insure the costs of defending individuals and the company’s reputation, and any damages awarded.
If you have vans and cars on the road, we can find comprehensive cover.
One great way to save is to influence your driver behaviour risk management via telematics ‘black box’ technology. Using drivers’ mobile phones, psychology, and gamification to make your people safer drivers- and irrefutably prove it to insurers.
Accidents happen, and they can cost big money. It’s essential to get this one right. We can help with the risk management aspect, and present your case to insurers in a way that gives you the best chance of a more favourable premium.
Even if you are not open to the public, you probably have visits from clients, sales reps, partners, etc. Public liability insurance protects you from any third-party liability claims.
Essential for producers of anything sold to the public. If a product you design, manufacture or supply hurts someone or damages their property, it is likely they will claim against you. Product liability insurance covers the costs of a legal defence and any damages.
Product recall insurance will protect you against third-party claims concerning your faulty products, and if you have to issue a product recall, your own costs of doing so. These include direct costs associated with the recall and replacements, loss of revenue, lost contracts, and any third-party losses claimed by, for example, your client.
Manufacturers would often call in consultants (PR, crisis communications etc.) to help manage a product recall – this would be picked up by your insurer too.
When issuing guarantees and warranties, Product Guarantee insurance covers against an influx of your customers demanding repair, replacement, rework, or recovery. It goes hand in hand with Product Liability and Product Recall.
When a crisis hits, business interruption insurance covers missed revenues and additional costs of doing business. For example, if your factory is out of action, and you have to set up shop elsewhere on a temporary basis.
Legal expenses insurance can cover a variety of legal disputes a manufacturer could be involved in. Employment disputes and cases arising from traffic accidents are two of the most common.
You’re exposed to the misfortune of other businesses in your supply chain – trade credit insurance protects your balance sheet from your clients not paying their bills.
Risk management is a huge part of cost control.
We have specialist programmes designed to help manufacturers improve their capabilities in:
- Health & Safety
- Resilience to shocks
- Cybersecurity (including the lower-tech, staff training, and defence against fraud)
- Managing road risks.
How we work
High impact broking is a phrase we use at Howden, and what it comes down to is this: using a range of techniques to influence insurers to look upon your business favourably, and accept your risk at a competitive rate.
That means getting them to understand your business properly – so they don’t just lump you in with every other manufacturer, and charge you the going rate for other businesses' bad habits!
We’ll review your business, your clients, and your supply chain.
You might feel like we ask a lot of questions, but it will be worth the time.
When we understand your business, we can motivate insurers to genuinely tailor their offer to you.
To do that we have to:
- Highlight the positives in your risk management
- Analyse any risk management negatives, and put in plans to improve them
- Identify ways to structure and word policies that can provide more comprehensive cover
Free ‘silent review’
For a free ‘silent review’ of your insurance arrangements, call us on 020 7543 2827
No obligation. If you’re in a good place, we’ll tell you.
If you are overpaying or have exposures, we’ll advise how to fix them.
Claims will come. You will be ready.
From the moment we meet, we are building towards you getting your claim paid.
You’ll get a nominated claims advocate with long-standing experience of dealing with manufacturers’ claims and companies similar to yours.
Your advocate will guide you through the whole process, holding your hand where needed and advising all the way.
They’ll negotiate with insurers and keep on top of them to keep your needs at the front of their mind.
What’s more, they will have been involved in creating and stress testing the policy wording, so they know it’s fit for its purpose – getting your claim paid promptly.