Commercial insurance brokers have a well-defined and vital role in the modern-day insurance field, applying their expertise to guide consumers through the confusing and often overwhelming world of insurance policy purchasing, helping them find the most appropriate insurance plan for their needs, and introducing them to some of the narrower and more specialised types of commercial insurance available.
Past instalments in this three-part series have introduced a few of the highly specialised types of insurance commonly sold by commercial insurance brokers to layman customers; this final part will go over the final two types, both relating mainly to the industrial and manufacturing sector.
Tools and Equipment Insurance
Tools and equipment are, quite literally, the most important part of any industrial or manufacturing business, as without the appropriate tools, workers can often not carry out the tasks they are meant to complete. Unfortunately for factory and plant owners, many of these tools are easily lost and damaged, bringing about a necessary expenditure in order to replace them. The type of insurance policy described above aims to protect factory and plant owners against this type of eventuality, thereby reducing the amount they spend replacing tools or equipment.
Plant and Machinery Insurance
Plant and machinery insurance aims to protect the other essential elements of industrial and factory work, namely the building itself and the heavy machinery contained within it. It is worth noting, however, that these types of policies also tend to cover machinery used in construction sites, even if these are not owned by the policy-holder. As such, commercial insurance brokers often sell these types of policies to construction professionals, as well as factory and plant owners.
This concludes the list of specialised types of policies sold by commercial insurance brokers. Watson-Laurie hopes it has been useful to at least some of their customers, and encourages them to contact us with any doubts they might have on the subject!