ADVERTISING FEATURE

DESPITE the fragile state of the economy, the outlook for business at the moment is not entirely bleak. Indeed, according to figures from the CBI, in the three months to January small manufacturers hired new staff at the fastest rate for more than 15 years.

While this is undoubtedly welcome news, small firms remain under strain from intense cost pressures, rising VAT and spiralling petrol prices and so profit margins remain tight.

With this in mind it is vital that manufacturers protect their business by ensuring they have the correct commercial insurance in place.

The insurance needs of firms which are growing in either staff numbers or output may change.

Therefore it’s necessary for them to check and amend their policies to reflect this. If your business has grown in recent months here are some areas you may want to consider:

Employers liability insurance of at least £5 million is required by law, however most insurers automatically provide cover of at least £10 million.

If your permanent or temporary staff numbers are growing you may want to check you have ample cover.

Be mindful that as well as existing permanent staff, you will need to cover any temporary staff working for you.

If your output or staff numbers have grown, the chances are the amount of equipment and materials you hold on your premises has too.

This could affect your insurance cover. Manufacturing insurance policies usually cover your machinery, plant, stock and trade contents from potentially devastating events such as explosions, fire, storm damage, malicious damage and theft.

If you increase the range of equipment and materials held on your premises make sure all of it is covered.

You may choose to extend your property to accommodate a larger workforce and rising production. You will also need to tell your insurer of any building changes which could affect your buildings insurance cover.

Business interruption cover helps you recover loss of profit or income incurred should something unforeseen happen which prevents your business from trading.

For example, the damage caused by a fire on your premises could force you from trading for a short while.

If your profit forecast has increased it is important that your insurer is aware of this so that your business interruption cover is sufficient.
 
Commercial van insurance needs to cover any employee who uses your vehicles.If you do take on new staff and they need to drive any of your vehicles at any point, you will need to contact your insurer to let them know.

When things are going well and a business is under pressure to perform it can be easy to forget the little things like the points above.

If your business is growing, it is always wise to inform your insurance provider of any changes to your business so that they can make sure that your business is adequately covered.

This article was presented by PremierlineDirect.co.uk. For more information visit their website today.