Factory Insurance
As a manufacturer you are expected to producegood and deliver results. For your factory to be profitable, you need to stay a step ahead of risks through planning, execution and preparation. Which means having a safety net for the inevitable like an explosion at the furnace or boiler, or a short circuit. This is where factory insurance coverage plays a part in your manufacturing firm’s long-term success. With the right factory insurance coverage, your organization is protected and can get quickly back to business when things go wrong.
However, Factor insurance is little complex as it needs proper understanding of specific nature of manufacturing business and associated location risks. With its years of expertise and knowledge, Vitality Insurance can guide you to establish the risks you might face and the right insurance solution to fix it.
Advantages of Factory Insurance:
- Comprehensive cover
- Multiple location coverage
- Customised cover
- Easy documentation
Insurance covers damage due to fire, lightning, burglary, theft and natural catastrophes such as flood, and earthquake. With the professional help you can opt for right add ons and clauses to get compensated for the increased expenses arising out of the damaged property.
Industrial All Risk is a comprehensive cover recommended for high value risks in complex manufacturing processes. Cover available for physical damage to assets, loss of profits due to business interruption, and third party legal liability.
Businesses and companies work on credit. Buyers buy goods on credit and then repay their debt over a period of time. In case of death or buyers insolvency, businesses stand to face financial losses. Credit insurance provides cover against such credit risks faced by businesses.
Goods stored in warehouses are subject to high amount of risk and need proper insurance cover to mitigate the damages or losses arising out of it. Insurance policy needs to be specifically designed to cater to the kind of contents & stock requiring special expertise.
Office Equipment like computers, microprocessors and portable electronic equipment like laptops could be covered for specific losses such as short-circuit, breakdown and theft while travelling abroad. Use specialised insurance to cover your assets.
Fidelity cover protects the manufacturer from losses arising out of employees fraudulent activities like illegal money transfers, bill payments. Money insurance protects from losses arising out of stolen money from factory or a money looted from employees outside office.
Accidents involving boiler or pressure vehicles can be extremely costly in terms of injury or loss of life, damage to the property & repair costs. BPP covers damage to boilers & pressure plant with damage to surrounding property and third party legal liability arising due to explosion of the boiler/ pressure plant during its normal course of working.
For any manufacturing unit, a breakdown in machinery can halt the entire production process resulting in huge financial losses. It is very important to cover cost of repair or replacement of damaged parts against accidental damage, carelessness, short circuit for smooth functioning of business.