- Are you ready for motor industry product recall?
Are you ready for motor industry product recall?
Enginnering insurance for the twenty-first century
We live and work in a world where technology is constantly evolving; creating new forms of machinery and equipment, and applications for them. Whilst technology brings many benefits, ever more reliance on electronic components and software is increasing the risk to businesses of equipment failure and breakdown. That where we can help.
As award winning specialists for the motor and engineering industry, we have all the right policies to keep you covered.
Every business and institution in the world today relies on equipment to operate effectively. Equipment failure poses a significant risk to a business’s production and trading position, ultimately impacting on the bottom line.
Whilst cover for fire and accidental damage may be included within a commercial property policy, equipment breakdown or damage may not be.
Because your business depends on functioning equipment to operate and maintain revenue, a breakdown could be devastating. The threat of breakdown is increasingly prevalent because technologically advanced equipment tends to be sensitive and fragile, and can easily sustain damage that causes breakdowns.
equipment breakdown and damage insurance offers businesses protection against unexpected costs associated with the repair and replacement of vital equipment.
Machinery and Technology
Inspire Insurance Machinery and Technology Insurance responds to the changing equipment risks and exposures by providing protection that not only covers the physical components, but also operator error and derangement of computer controls.
Despite the frequency and high costs of a recall, most companies don’t adequately plan, prepare, practise for or buy insurance against product recall events. In addition to proper insurance covers, careful planning is essential in managing the risk of a recall. Inspire are able to advise and guide you through this complex process and work alongside you to find the most suitable solution to meet your needs.
Product recalls or contamination costs can easily run in to the millions of pounds. In addition to the physical expenses of withdrawing the product from the market, the knock on effects may also be costly.
In addition to proper insurance covers, careful planning is essential.
Two key things
Two things to remember when looking to cover machinery and equipment:
- Property policies typically provide cover for fire, flood and theft, all of which can have a significant impact on business interruption. However, equipment breakdown may not be covered, which means that a mechanical failure could result in loss of business and revenue or even reputational risk.
- Warranties, whilst providing a level of cover, are often only for a limited period of time and do not cover operator error or loss of income.
Should you require any further information please do not hesitate to speak to us: 02476 99 89 24
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