Industrial Insurance

Essential Insurance For Industry

The United Kingdom is home to many different types of industrial and manufacturing businesses, and these types of businesses in particular bring with them several unique challenges. The industrial environment is an inherently dangerous one, human beings and machinery have always had a tenuous relationship at best. Machinery can malfunction resulting in injuries, death and property damage. Operator error is the leading cause of industrial accidents and highlights the importance of being prepared for accidents. While adhering to a strict safety regiment can reduce the risks, it is not a guarantee. Approximately half a million people in the UK reported a condition caused by, or made worse by, the employers work environment and almost 250,000 people had a reportable injury according to Labour Force Survey for 2008/2009.

Industrial and manufacturing also has risks to the public and environment, faulty products, pollution, spills, and even explosions are very real risks in industrial applications. Your employer's liability insurance will protect your employees, but it does not cover the public or even other businesses. You will need to investigate public liability coverage for your particular industry. The public and other businesses can be put at risk from malfunctioning machinery leading to fires, explosions and pollution in several forms including fumes, exhaust and toxic by-products. Many times an industrial installation can operate for years in a particular area with no apparent problems, and suddenly find itself in the center of a lawsuit brought on from recent findings. This is actually quite common as technologies advance in industry and advances in medicine discover certain products or processes to be hazardous.

Many insurers in the UK will require specialized safety and maintenance procedures to be in place before they issue policies in certain industrial applications, and taking a pro-active approach to prevention will not only help you comply with the conditions of your coverage, but will also reduce your risk factor and maybe even your insurance costs. Fire suppression systems are a big concern the for insures and business owners alike, they help to keep the losses to a minimum while protecting life and surrounding property. Security systems from electronic monitoring and door locks to live security guards reduce the risk of unauthorized access for employees and non-employees, a lower number of people in a dangerous area means a lower risk of an accident.

Regular maintenance schedules are very common in the conditions for coverage, and some insurers require regular reporting of these schedules. Many industrial applications are also required to have an on going risk assessment plan. Keeping equipment in top operating conditions is a general rule of thumb for any business, but in the event of a claim you will need to show proof of the maintenance and safety procedures. Failing to prove this can result in a denied claim or the insurer suing you for any compensation paid to another party, and possible legal ramifications.

In any industrial application there are risks, and the best way to protect yourself, the public and other businesses is to carry the proper insurance. While there are many laws requiring certain types of coverage for particular applications, your business may need specific protection depending on many factors including location and the type of business. Whether you are starting a new business, relocating or expanding in the UK, the first step is to consult a business insurance provider and together design a protection plan that is the best for your unique situation and in compliance with all laws.