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As a furniture manufacturer, you work to tight deadlines to get your products built and out to your suppliers meaning there’s no time for things to go wrong. An issue like a safety defect or damage to your assets could be enough to lose precious production time.
Protect your business against the unexpected with the right business insurance. In a few clicks of a mouse or a phone call, you can get cover for your furniture manufacturing business, with a variety of competitive quotes from some of Australia’s top insurers to select from.
Product safety is governed by the Australian Consumer Law (ACL). A consumer can seek compensation from a furniture manufacturer who has supplied a product with safety defects if that product has caused injury or death to an individual; or economic loss due to damage to another’s property.
Statutory fines of up to $220K for individuals and $1.1M for a body corporate can be issued to manufacturers/suppliers who fail to comply with mandatory safety standards.
There are a variety of risks that you are potentially exposed to when it comes to furniture manufacturing, and the last thing you want is a liability claim. Public and Product Liability (often sold together) are two types of business insurance to consider when it comes to protecting your business.
Public Liability insurance is designed to provide protection for you and your business in the event a customer, supplier or a member of the public are injured or sustain property damage as a result of your negligent business activities.
Product Liability insurance protects your businesses against claims by third parties relating to property damage or personal injury caused by your products. As mentioned above, severe penalties can apply if you are found to be at fault for producing a faulty product.
Tip: if you export goods, check for any territorial limits in your policy for liability claims that arise from overseas markets. Also see if your policy provides you with cover in relation to products you import.
There is a lot to think about when it comes to protecting your furniture manufacturing business from your premises to your machinery, equipment and even stock. You’ve worked hard to get the business up and running and without your business assets, how are you going to earn an income?
Having the appropriate business insurances in place can help safeguard your business for when things go wrong and you need it most.
Some of the types of Business Insurance coverages to consider include:
Management Liability insurance is designed to provide protection to both the business and its directors or officers for claims of wrongful acts in the management of the business.
Personal Accident and Illness insurance can provide levels of cover for loss of income if you are unable to work due to illness or injury and benefits if because of injury you become permanently disabled or even pass away (even if the incapacitation occurs outside of your employment).
*As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this web page is general only and should not be relied upon as advice.