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.
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