Manufacturers Insurance
We make commercial insurance cheaper, faster, and exponentially more convenient for manufacturers.
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If you are a Provide customer, try our Covid-19 Policy Checker to learn more about your policy, or visit our Covid-19 FAQ
What Protection Do Manufacturers Need?
Manufacturers are often seen as producers of finished products. Manufacturers use the raw materials and sub-assemblies made by other producers to create their products, which is ultimately sold to consumers in the market.
Having played an important role in the supply chain, it is important to make sure that these entities are sufficiently protected such that they could continue to deliver value products with a peace of mind.
Who exactly is the manufacturer?
It can be any company or person that makes an unfinished product, finished…. It’s that simple really. It could be the company that produces things you find in the supermarket shelves, retail outlets, car showrooms… or even Japanese restaurants that serves you Ebi Tempura set from prawns they have caught/gotten from the sea/wet markets.
In a nutshell, the manufacturer is someone whom has created a product that delivers value to consumers like us, by transforming raw materials to a finished product that is ready for consumption
What Insurance Do Manufacturers Need?
It all depends what products/ services is rendered by the manufacturer, how the business is conducted, or even how closely intertwined it’s role in the supply chain.
Take for example.
Primitive land farming would require more farmers in the fields as compared to industrial farming which uses agriculture machineries…
Or an industrial factory in suburban areas would demand the use of more factory workers as compared to the use of technology (robotic arms in car assembly factories) for more technologically advanced manufacturers.
We could also determine what insurance cover the manufacturer needs by matching the policy insured activities & policy limits to its business liabilities. Using the same example above, land farming by use of farmers will need to purchase Work Injury Compensation Insurance (WIC) to cover against events of injury/ or death caused by unforeseen accidents in the field, whereas the latter agricultural company will need to buy Machinery All Risk/ Electronic All Risk Insurance to cover your machinery, which is necessary for the running of your business against unforeseen and sudden physical loss or damage.
Top Recommended Insurance For Manufacturers
Fantastic all-in-one solution to many common business risks.
Covers property, fire, group PA, public liability, business interruption, money, fidelity guarantee, and much more.
Very popular insurance bought by SME owners.
Protects you from legal liability if your employees get injured or sick while working.
Pays for employee medical fees for injuries or illness.
Compulsory by law for workers performing manual labour, or any worker earning less than $1,600/month.
Very common insurance bought by SMEs.
Product Liability Insurance
Protects you from legal liability from products you sell or manufacture.
Pays for lawyer fees, and legal damages for property damage or injuries caused by your products.
Particularly useful if you sell industrial goods, electronics, home appliances, children’s products, and other consumer goods in general.
Protects your goods being shipped on sea, air, or land.
Covers damage, loss, or theft of goods while packing, loading/unloading, and being transported.
Essential if you deliver goods to customers overseas.
Protects you from non-payment of trade receivables.
- Guarantees good cash flow. Very useful, especially if you have a few big sales accounts.
- Increase your revenue by selling more on open terms.
- Opens access to trade receivables financing for your company.
Protects your goods being shipped within Singapore.
Covers damage, loss, or theft of goods while packing, loading/unloading, and being transported.
Essential if you deliver goods to customers.
Protects you from legal liability for injuries or property damage to third-parties (e.g. customers)
Pays lawyer fees and damages for injury or property lawsuits from third-parties
Very popular insurance bought by SMEs.
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