Factory and warehouse are often depended upon as part of UK businesses. Theft or fire could be really damaging to the equipment or stock involved so insurance can be purchased as a way of safeguarding potential loss for your business. Also with ‘no win, no fee’ adverts packed onto the TV screens in the UK today any accidents on the premises can easily turn into an expensive law suit.
Why buy factory and warehouse insurance?
Even with the best security in the world if you can never be sure that your goods are 100% safe with a warehouse or factory. They can often be far away from the hub company and managed by staff that you have never met. Having insurance helps ease the worries you may have concerning goods or equipment that is stored there.
What does factory and warehouse insurance cover you for?
Most car and motor warehouse insurance will include cover for both the building and the contents. The building will be insured against any fire, flood or damage of any kind and the same for the contents – cover for any machinery or tools on the premises and any stock. You can also get coverage for business interruption so if anything were to happen the time that business couldn’t go ahead as usual is compensated by your insurance company.
Businesses who own or rent factories and warehouses often use them for the storage and transport of goods so there are also policies that make sure if anything were to happen to your goods in transit that they are replaced or compensated so losses are accrued. Factories and warehouses often also need to be covered for public and product liability in case something happens to a third party or products do not meet the duty of care expected. Employers’ liability insurance is a legal requirement even if you only have casual or part-time staff for your factory or warehouse. If an employee injures themselves or has health issues as a result of the work you employee them to do they can file a suit against you.
What to watch out for
Make sure you have a full list of items and their value when purchasing the insurance as if a claim was to be made in the case of fire or theft you do not want to be compensated for only half of what your factory or warehouse contained. Once purchasing employer’s liability insurance you need to have the certificate displayed for an inspector to see as without this you can still be fined.