Industry Specific Insurance
Although industrial companies and businesses are broadly defined as belonging to a sector that is involved in technical production, manufacturing and construction, in reality these companies can be so diverse that the insurance industry has had to develop several different types of policies in order to adequately cover their unique requirements. Some insurance companies offer job-specific policies (for instance courier insurance), whilst others offer customized combinations of the many different types of cover available. Finding the right policy for your business may be as simple as matching the job with the relevant policy.
Tradesman Insurance
Tradesmen are a particular type of industrial professional that many insurance companies offer specialized plans for. Generally known as 'Tradesman Insurance' or 'Tradesman's Insurance Cover', these policies include the necessary public liability and employers liability policies but can be extended to also include tools and equipment. Depending on the nature of the job the tradesman carries out, it may also be necessary to include motor vehicle insurance for the van or vehicle used, and professional indemnity insurance. Another factor to bear in mind is that often insurance companies will not cover tools when they are stored in vehicles so this may also have to be asked for specifically in any new 'Tradesman Insurance' policy.
Manufacturing Sector
The manufacturing sector is another which has its own type of cover offered by most insurance companies. This policy will include public and employers' liability but will also cover product liability, business contents, business interruption and loss of accounts receivable. Some policies can be extended to include cover of goods in transit, engineering insurance, machinery and plant inspection and even deterioration of stock.
Printing Companies
Printing companies may also want to look for specialized policies, such as those offered by most of the major commercial insurers. Because printing companies can be both commercial and industrial and can suffer from machinery break-down, such companies should look for cover for business contents and business interruption as well as cover for product liability, public and employers' liability and loss of accounts receivable. If possible cover for computer repair and data retrieval should also be organized as this may not be included in the 'business interruption' element of the policy.
Other Specific Industries
Other industry specific policies include construction liability insurance, wholesale insurance, courier insurance and contractors combined insurance. Each offer basic cover with additional elements such as van insurance, cover for goods in transit and cover for loss or damage to tools and machinery. Courier insurance is especially popular due to the high demand for effective couriers.