Engineering & Industrial Manufacturing
In a manufacturing environment it is critical to utilise an insurance broker that not only understands the risks associated with manufacturing but also the consequences should something go wrong. At McKenzie Ross we provide risk advice to some of the largest privately-owned manufacturing businesses across Australia and, more importantly, have settled numerous significant fire and business interruption claims in this sector.
McKenzie Ross’ experience allows us to help clients identify and quantify their exposures, then treat or transfer their risks through risk engineering or insurance policy placement. Our experience in manufacturing is broad and extends across many areas of manufacturing. We understand the distinct phases of manufacturing, and the requirement to tailor solutions which give you the most cost-effective and integrated insurance approach for your business.
Our unique and thorough understanding of manufacturing businesses includes the specialised activities and techniques of your business, highly technical equipment including automated production and processes, supply chain and contract manufacturing exposures.
We currently provide insurance and risk engineering solutions to numerous manufacturing clients across Food & Beverage, Electronics, Metal Products, Automotive, Printing, Machinery, Textile and Plastic / Rubber extrusion and injection moulding. As such, we have the right knowledge base and breadth of experience to understand the unique supply chain, manufacturing process, liability, recall and asset risk areas, profiles and exposures of your business.
Our process includes an audit of your existing arrangements to correctly insure fixed assets including specialised machinery, systems, structures and raw materials. We then assess all risks and exposures to craft a custom insurance program that properly protects assets, liabilities and revenues from unforeseen circumstances.
McKenzie Ross also has long established relationships with key insurance markets allowing us to design and negotiate bespoke insurance programs which all of our manufacturing clients enjoy. As a McKenzie Ross client you will benefit from our superior negotiation skills with insurers at policy placement, as well as enjoy best outcomes for difficult claims. We assist throughout the entire claims process and keep our clients informed of updates and developments.
The most common exposure manufacturers face is lost production time—be it from a fire, mechanical failure or key supplier being unable to deliver key elements if they themselves have suffered a loss.
Another significant risk factor for manufacturers is human capital (whether through labour hire or employees). Workers compensation usually represents about 50% of a manufacturers insurance premium—as such it is critical it is managed properly. We understand the importance of arranging the correct style of Worker’s Compensation policy to meet the complexity of each individual business.
Our intimate understanding of manufacturing combined with strong relationships in the insurance market in both Australia and Overseas allows us to source competitive capacity on critical lines of insurance including combined Liability (Product Recall & Contamination), Property and Business Interruption, marine and machinery breakdown.
McKenzie Ross’ risk management consultants can also help clients make more informed risk management decisions based on an understanding of your unique risks. This understanding, coupled with the use of our risk assessment services and tools, allows us to enhance your decision-making process and design an insurance program customised to your distinct requirements. Our approach will include the risk engineering services required to secure your insurance placement.
Our assessment, analysis and recommendations can include:
- Business interruption reviews
- Comprehensive premises, equipment and materials damage value reviews
- Risk engineering
- Design, Manufacture and Construct exposure reviews
- High fire hazards (Expanded Polystyrene) risks
- Labour Hire injury exposures
- Product Liability protection
- Product Recall & Contaminated Product Exposures
- Specialist Cargo and Transit needs
Need guidance on the type of commercial insurance product or service that’s best for you? Talk to our broking teams today – Call us on (03) 9691 2222
Key Benefits Of Using McKenzie Ross
High level assurance that risks are transferred where intended.
A greater understanding of the risks retained in your organisation, some of which may require alternative management methods.
A formal process of risk identification that demonstrates good corporate governance to stakeholders.
Linkage between insurance and your organisation’s overall process for risk management.
Enhanced ability for ‘insurable’ risk to be transferred to insurance markets in the best possible light by demonstrating sophistication in identification and analysis.