Manufacturing in Canada accounts for more than 10% of the country’s GDP, generating nearly 2 million jobs and pumping over $170 billion into the economy. Some of the biggest industries in this sector include aerospace, meat and seafood, and paper products. In fact, Canada, and Quebec in particular, is said to produce more than a fifth of the world’s airplane parts and is home to many international companies, including Rolls-Royce and Lockheed Martin.
The country relies on this industry in many ways, and the advancements in technology are helping to improve it, make it more productive and more efficient. However, it still faces a great number of risks, including litigation. This is where manufacturing insurance comes in.
This is a type of insurance specifically designed for companies in the manufacturing industry, providing cover for a number of eventualities related to the manufacture of consumer goods.
What Kind of Businesses Fall Under Manufacturing?
The manufacturing industry is substantial and covers a wide spectrum of sub sectors and the companies that operate within them.
At KASE Insurance we provide some of the most comprehensive manufacturing insurance in Toronto, Ontario, which makes this province a good place to start. The biggest manufacturing industry in Ontario is automobile manufacturing, with around 6 out of every 10 cars built in Canada being made in this province. Around a twentieth of the province’s workforce is employed in this sector, working for international brands like Ford and Toyota, among others.
The printing and paper industries are also big in Ontario and contribute significantly to the GDP, hiring a large percentage of the 650,000+ Ontarians said to work in the manufacturing industry.
All of these businesses are in the manufacturing sector and all of them can take advantage of manufacturing insurance. There are also many more, as it covers any company that creates a product for consumer or business use, including:
• Food Processing: The production of raw foods, including manufacturers of packaged meals and bakers.
• Meat: Slaughterhouses and meat packing factories.
• Medical: From dental suppliers and machinery, to medications and more.
• Metal: The production of jewelry, as well as metal works and suppliers of raw materials.
• Printing: Book, magazine, and newspaper printing.
• Technology: Ranging from semiconductors to computer hardware and even software.
• Textiles: A huge industry that covers the production of raw fabrics as well as clothing, upholstery, and more.
• Water Treatment: Those involved with the treatment of wastewater.
• Wood: From furniture to paper and more.
What are Common Types of Manufacturing Insurance?
As discussed above, the manufacturing industry is broad and no two companies are alike. Their needs, and their day to day operations, vary greatly, and as a result they need tailored insurance plans. This is what we offer at KASE Insurance, providing uniquely tailored manufacturing insurance suited to the specific and demanding needs of our clients.
The coverage we provide can include a number of things, such as:
• Loss and Damage: This covers loss and damage to stock and the materials used to create it, whether that stock is damaged as a result of employee negligence, an unavoidable accident, or a mistake. It can also cover machinery and essential equipment.
• Public Liability: If a member of the public suffers harm in the premises or as a result of their product or process, then manufacturing insurance may cover it.
• Clients and Workforce: Manufacturing insurance can cover claims made by clients and employees, such as privacy complaints or injuries. One of the most common claims made against companies in this sector results from employee injury as a result of working with heavy machinery.
• Business Interruption: If an important piece of machinery needs to be repaired or restored then the policy may provide financial cover. If it results in the business being down for an extended period of time, causing great financial loss to the company while operations are suspended, then manufacturing insurance may provide additional funds to cover those lost earnings. This will depend on the individual policy though and may cost more.
KASE Insurance: Experts in Manufacturing Insurance
At KASE Insurance we provide fully comprehensive manufacturing insurance policies to those in need and have some of the best manufacturing insurance in Toronto. We work with companies of all sizes and across the manufacturing industry, and can offer you and your company complete coverage.
To learn more, get in touch with one of our insurance brokers today and they will talk you through the process and ensure you get the coverage that you need.
I had the pleasure of working with Arian Ebrahimi at KASE Insurance. He was very knowledgable about the industry, was very responsive throughout the whole process. I felt that he acted in my best interest and I would definitely recommend him to anyone!
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The KASE team helped us in arranging the best possible insurance policy for our business. We were very impressed by their overall knowledge and effort in getting us the right the policy. Highly recommended!