Manufacturers & Manufacturing Insurance
We'll help line up the coverage that matters for you
Manufacturing is a key industry in Canada, contributing significantly to our country’s GDP, exports, and a wide variety of jobs. Sustainability and modernization through automation, technology, and greener materials and processes are continuing to transform this industry. Protecting your manufacturing business from distribution disruptions, workplace injuries, equipment failures and cyber risks is critical for your long-term success.
Manufacturers insurance can help reduce the impact of these risks, regardless of your company’s size. Our experienced manufacturing insurance brokers will design a policy that works for your business. As each manufacturer is different, we take the time to ensure your manufacturer’s insurance reflects your company and the products you make.
As a leading independent insurance brokerage in Canada, we have access to a large number of insurers, allowing us to deliver truly competitive manufacturers insurance quotes. We’re also your insurance and risk management resource – our knowledgeable, professional manufacturing insurance brokers will be able to answer your questions, determine your coverage needs, and advocate on your behalf if you have a claim.
Contact us today to get a free manufacturers insurance quote. We’re available online, by phone, or in-person at one of our offices. Or you can read on to learn more about manufacturers insurance and what we can do for you as brokers.
Who needs manufacturers insurance?
If your business manufactures a product, you should have manufacturers insurance. Whether you’re a small owner-operator company or a large organization, you need to protect your reputation, profit, and assets.
The main manufacturing industries in Canada as identified by the Government of Canada include:
- Aerospace and Defence
- Biopharmaceuticals and Pharmaceuticals
- Hydrogen and Fuel Cells
- Medical Devices
- Primary Metals
- Shipbuilding and Industrial Marine
Other common manufacturers include commercial printers, construction material manufacturers, food and beverage producers, machinery manufacturers, and certain types of farmers.
Manufacturers Insurance Coverage
As every manufacturing company is different, the insurance coverage will also vary. Each manufacturing insurance company will also design their coverage a little differently. Here are some common options for manufacturer’s insurance coverage:
- Property Damage
- Commercial General Liability
- Product Liability & Product Recall
- Directors & Officers Liability
- Cyber Liability
- Crime Coverage
- Business Interruption
- Equipment Breakdown
- Property in Transit
- Pollution Coverage
- Commercial Auto
- Group Benefits
We’ll discuss each of these manufacturer insurance coverages in greater detail below. When you request a manufacturing insurance quote, our brokers will do the research and price shopping for you to find the best of the above coverage for the best price. Whether you need basic manufacturer insurance or comprehensive coverage, Rogers Insurance can find you the solution.
This coverage protects your company’s property, including the structures and their contents, such as machinery, equipment, furniture, computers, signs, fencing, materials, inventory and more.
You’re insured against a number of perils, which normally include:
- Impact by aircraft or vehicle
- Vandalism or other malicious acts
- Water damage*
- Employee dishonesty*
- Mechanical breakdown*
The coverage marked with an asterisk (*) may be available but often requires the purchase of add-on coverage (known as an endorsement). Some of these will be discussed below.
There are also a few risks that are not covered. This includes the asterisk items in the list above, unless you have the add-on coverage, as well as wear and tear, terrorism, war, nuclear incidents, fungi or spores, and rodent or vermin or insect damage.
It’s important to discuss what is and what isn’t covered by manufacturer commercial property insurance with your manufacturing insurance broker. Every insurance policy is different.
Commercial General Liability
This protection covers you if someone is hurt or has their property damaged while visiting your company’s premises.
Product Liability & Product Recall
If a product you manufacture causes harm to someone or their property, you can be held liable. This coverage helps you cover damages as well as legal expenses for any corresponding lawsuits. It is often paired with product recall coverage, which helps you cover the costs of recalling a product.
Director & Officers Liability
Directors and officers can he held liable for a failure to act, financial losses, wrongful dismissal, discrimination, and more. This coverage can help cover legal expenses relating to these charges. It can be purchased by an individual to protect themselves or by a company to protect the leadership team.
Any business can be the target of a cyberattack or experience a data breach. This protection helps you navigate and recover from this type of event.
Crime coverage protects your business from crime such as employee theft or dishonesty, forgeries, counterfeit money, and fraud.
Could your manufacturing business survive if you’re forced to shut down operations due to a mandatory evacuation or insured claim? This protection helps reduce the financial burden during this time by providing funds to pay essential costs such as utility bills and salaries. Some policies also provide funds for temporary relocation.
This is an essential coverage for manufacturers. Normally, sudden equipment breakdown isn’t covered by insurance unless it was caused by something like a fire. This coverage will help you repair or replace essential equipment if it breaks down.
If your manufacturing process causes pollution, you can be sued for that pollution causing harm or property damage. This coverage can help you cover associated legal expenses.
If you operate company vehicles, you should have a commercial auto insurance policy. Every province in Canada requires third party liability insurance coverage, which covers the repairs or replacement of the other driver(s)’s vehicle if your company is at-fault in an accident, as well as covers legal expenses if you’re sued as a result. However, this coverage doesn’t offer any protection for your own vehicles.
We recommend that in addition to adequate third party liability coverage of $2,000,000 that you have collision and comprehensive protection to cover the repair and replacement of your company vehicles.
There are many more options available for commercial auto insurance, which our manufacturer insurance brokers will be able to help you navigate and determine what fits yours needs and budget.
As a full-service insurance brokerage, Rogers also offers group benefits coverage for your employees. This includes extended health benefits as well as life, disability and critical illness insurance.
How much does manufacturers insurance cost?
The price of manufacturing insurance will depend on a number of factors, such as:
- What you manufacture
- Your manufacturing processes
- Where you’re located
- Your raw materials and where they come from
- The value of your products
- The replacement cost of your structures and contents
- The number of employees you have
- Risk mitigation processes and devices you have
- Your insurance and claims history
- Your insurance options
Our manufacturers insurance brokers understand that you want to protect your business without breaking your budget. We work with a large number of insurers to find you competitive manufacturers insurance quotes and offer you a choice in your coverage.
Risks for Manufacturers
Every manufacturer will have unique risks, but here are some of the most common ones to the industry:
- Employee injury
- Defective products and product recall
- Hot work (any process that uses or generate flames, sparks or heat)
- Natural disasters such as wildfire, flooding, and storms
- Business interruption due to a claim or evacuation
- Equipment breakdown
Manufacturer insurance and proper risk management can help you prevent or minimize the impact of these risks.
Risk Management for Manufacturers
Insurance is just one part of the equation – it’s what will help you recover if you can’t prevent a bad thing from happening. The first step is always to identify potential hazards, preferably through collaboration with all levels of the business. Second, you should develop ways of eliminating or minimizing these hazards. Third, enforce risk management through continuous training, supervision, documentation and evaluation. This can include:
- Accident reports and corrective actions
- Transferring hazardous processes outside of your facility
- Changing processes to safer ones
- Reducing the chance of damage through changing the environment
- Providing regular training
- Documentation of manuals, instructions, processes, training, communications, design records, quality control data, test data, contracts, and more
- Proper supervision
- Include safety as part of performance reviews
A key part of risk mitigation is also developing response plans so that you can minimize the impact of an event. This is especially important in the event of a product recall, as this impacts your customers and consumers in general.
- Determine who the right people are to handle the product recall.
- Notify applicable federal authorities.
- Identify all products to be recalled.
- Identify, mark, and quarantine recalled products in your warehouse or plant.
- Track and locate products that have been recalled.
- Determine what action customers must take.
- Prepare and release a recall notice and/or press release.
- Evaluate recalled products and repair or destroy them.
- Monitor your effectiveness.
- Fix the cause of the recall.
It’s critical to establish your plan of action before you need it.
Working with the Best Manufacturers Insurance Brokers
Rogers Insurance is a leading independent commercial brokerage in Canada. We have access to a large number of markets with allows us to find you competitive manufacturers insurance quotes and find you the best coverage for the best price. We pride ourselves in providing exceptional customer service – you’ll notice the difference with our hands-on, human-first approach.
Our team of professional, experienced manufacturing insurance brokers understands your industry and the insurance aspect of it. We’re here to help find you determine your coverage needs, find you the best protection for the best price, provide insurance and risk management assistance, and advocate on your behalf in the event of a claim.
Contact us today for a manufacturing insurance quote. We’re available online, by phone, or in-person at one of our various locations.