A generally accepted definition of production is the process of creation of a certain product by using primary (labor and capital), as well as interim (feed, materials, etc.) factors of production.
Even this rather generalized definition makes it quite evident that it is impossible to organize production without a considerable capital. Any commitment of capital in a tangible asset is susceptible to standard risks and threats. Insurance acts as one of the most affordable and reliable ways to protect ownership interests.
Risks are ubiquitous. On the surface, the line of insurance most relevant to a business engaged in production is insurance of property: equipment, other capital assets, commodity stocks, etc. Whereas many owners acknowledge the necessity of fixed and working assets, insurance of expenses related to forced interruption of production and insurance of manufacturer’s liability remain less demanded. This is despite the fact that insurance of these risks makes it possible to unload some considerable costs, in case of an unforeseen accident, onto an insurance company.
Based on our experience of cooperation with manufacturers, we are able to develop an insurance scheme contemplating a suite of contracts that would not only enable reclamation of any property damaged as the result of an accident, but also make it possible to cover the costs in the event that production is suspended, and settle claims of those suffering any damage inflicted by defective products.
Apart from that, our insurance program involves insurance of employees from accidents or insurance of employer liability in cases of any occupational injuries. Health insurance has also already become a benchmark in insurance.
Thus, our program of insurance of industrial business risks may pursue the following goals:
Apart from the above, depending on the kind of business activities and the type of production, the program may include other kinds of insurance (cargo insurance, insurance of liability when carrying out activities involving increased risks, vehicle/CASCO insurance and others).