Manufacturing


Feature


What’s the


worst


Mani Hayre: Insurance isn’t the most exciting thing in the world and most people would rather not deal with it, so I guess the simple starting point is why should manufacturers care?


Adam Jones: Fair point, we all know it’s not but for manufacturers. It’s a case of knowing if they will be able to carry on trading if something goes wrong or discovering that they’ve brought a very, very expensive piece of paper. The amount of businesses that go bust after a large


loss is crazy. All because they didn’t take the time to sit down and properly review their insurance. I find it’s a case of “not in my back yard”. They never think it’ll happen to them.


MH: Why do you think that is?


AJ: It’s human nature isn’t it? People play the lottery and never expect to win. The thought of something catastrophic happening to them doesn’t even cross their mind. When I talk to people I usually explain it’s


that could happen?


Mani Hayre, Client Relationship Manager and Adam Jones, Commercial Account Handler, from Falcon Insurance, invoke Dr Pepper and explore why correct insurance is a must have for manufacturers.


like jumping out of a plane without checking your parachute. You just wouldn’t do it. That doesn’t mean it has to be expensive either. The best policies cover you for everything at a reasonable cost.


MH: So focusing on manufacturers, what’s the biggest problem you see often?


AJ: Easily the business interruption cover. Essentially, this covers you for loss of profit, in the event, that damage to your property means you can’t trade. The first problem is that when you ask your accountant for your profit figure, they give you a figure completely different to what your insurers want which makes it difficult. Secondly, most businesses underestimate how long it


takes to get back up and running. So, if your building completely burnt down, how long


would it take you to get to the position you were in before the fire? Most people say 12 months. But if you break that down it’s nothing.


December 2019/January 2020 CHAMBERLINK 67


‘The amount of businesses that go bust after a large loss is crazy. All because they didn’t take the time to sit down and properly review their insurance’


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