Manufacturers Check List 

Here are ten things to think about when it comes to covering your manufacturing business:

1. Do you own or run a small or medium sized business?
   Don't just rely on extending your personal insurance. It may not give your manufacturing business the type or level of cover you expect or need.
2. When was the last time you reviewed your business insurance?
   A lot can change during the year like taking on new staff, getting into new areas of work, or purchasing new assets, equipment or stock. So it’s always a good idea to review your policy and check you’re covered. Also it never hurts to shop around and check you’re still getting a good deal.
3. Do you own business premises?
   If you own your own premises you should consider Business Assets (to cover your stock, equipment and building) as well as General Liability insurance. If you lease or rent, you still should consider Business Assets (to cover your stock and equipment) as well as General Liability insurance, in case you cause any damage to the property you are in, or other people's property.
4. How important are high quality tools/equipment to you?
   If you can't work without your tools/equipment check to see if your current policy covers your tools/equipment for their replacement value. Some insurance policies may only cover to market-value, leaving you to find second hand replacement tools/equipment.
5. If your premises or assets were damaged or stolen how long would it take you to get your business back up and running?
   With key assets damaged you may not be able to work for weeks, but you may still have bills and wages to pay. Consider Business Interruption insurance. It’s designed to cover loss of profits when your business assets (such as tools, equipment, machinery or property) are damaged. If you operate out of a fixed location such as a warehouse or factory, then this type of cover becomes even more important.
6. Do you employ any staff?
   Consider Employer Liability insurance. This can cover sums that you are liable to pay as a result of your employee(s) sustaining a personal injury.
7. Is your industry heavily regulated by legislation?
   Consider Statutory Liability insurance. This is designed to cover the cost of fines or reparations (including legal costs) that a court imposes on your business as a result of a liability offence under most Acts.
8. Do you keep a substantial amount of stock in a fridge or freezer?
   If you do, check to see if your refrigerated stock is covered for damage caused by accidental stoppage or breakdown of your fridges or freezers.
9. Would it help your cashflow if premium payments could be spread over the year?
   Ask your insurance provider about payment options. Cashflow can be an issue for small to medium sized businesses and paying on a monthly or quarterly basis can be more manageable than a one-off annual payment.
10. Do you think it is important to support Kiwi businesses?
    If you are keen to support other Kiwi businesses, then check to see if your insurance policy is offered by a New Zealand company. TOWER is a New Zealand company that’s been providing insurance cover for Kiwis for over 140 years.

For your business insurance quote or for more information,
call us on 0800 379 372 Monday - Friday 8.00am - 5.00pm
or complete TOWER's online quote request form, and we
will contact you.