Metal Stamping Production & Insurance

Metal stamping is an industry that has tremendous reach. Many of the products we use every day are owed to this important metal manufacturing trade. Stamping is a process that forms flat metal sheets into different shapes through the use of dies. Everything from household appliances to parts of an automobile are manufactured through metal stamping. Metal stamping plants rely on complex machinery to complete these jobs. If any of the equipment breaks down, the whole production process is slowed and that can have a detrimental effect on profitability. Equipment breakdown coverage for metal stamping helps to protect the bottom line. Learn about these specific policies by partnering with an experienced insurance broker. Practising good risk assessment management will ensure health and safety measures are met in addition to recouping any losses from halted production.

Metal Stamping: A Cost-Effective Process

Metal stamping over the years has come to replace more costly metal forming processes such as forging and die casting due to the lower production cost. Due to the process, it is less cumbersome and more effective. The products manufactured are also more durable and stronger than those of other forming processes. With this cost effectiveness now comes a higher demand for those manufacturers who specialize in this approach to forming metal. Should an equipment breakdown occur, production of busy plants is halted. The health and safety of trades people working the machines is of utmost concern to manufacturers, but profitability is also a concern. Without incoming profit, the bottom line is at risk! Conscientious business owners assess these risks and have appropriate equipment breakdown coverage for metal stamping machines.

Protecting Against Equipment Breakdown

Some of these specialized plans from insurance providers like Aviva Canada have the following coverage:

·       Production Machinery Breakdown – covering stationary production equipment, covering sudden accidental breakdown.

·       Equipment Breakdown Coverage – also referred to traditionally as "boiler & machinery” coverage. Covers non-production equipment and is built into the property section of the insurance policy.

·       Contractor Equipment and Tools – covering mobile equipment, rental reimbursement, breakdown and debris removal.

·       Business Income– this specific coverage piece is very important in protecting against equipment breakdown coverage for metal stamping manufacturers. This covers business interruption losses that would be incurred due to equipment breakdown.

Choosing the Right Insurance Broker

Partnering with an insurance broker who understands the metal manufacturing industry and how these policies will best represent the interests of the manufacturer will ensure good risk assessment management. Choose a broker who is local and understands the market in which the manufacturer is working in. Brokerages like Regional Insurance based in the GTA have years of experience and are partnering with third-generation clients. Look for positive testimonials from clients of potential insurance brokers. This demonstrates a trust between client and broker who have put their risk assessment needs into the hands of each broker – and a brokerage that has delivered on that trust for decades.