TOY MANUFACTURER INSURANCE

TOY MANUFACTURER INSURANCE

We are keen to support Toy Manufacturer Insurance needs for Australian businesses. This is following our recent success in creating and establishing an insurance product for crochet manufacturers. 

We are aiming to work with specific insurers for Public & Products Liability cover that includes children’s toys insurance or any similar/adjacent products.

Our experienced team will work with you to tailor a policy to protect you from liability while aiming to achieve competitive premiums. We’re dedicated to guiding you through the whole insurance process, providing clear and friendly advice every step of the way.

WHAT WILL TOY MANUFACTURER INSURANCE COVER MY BUSINESS FOR?

There are specific types of insurance available to protect your toy manufacturing business:

• Public Liability covers you for any accidental injury or property damage caused to third parties by your business activities. An example of a situation covered under this type of policy would be a customer tripping over display items at a market stall or whilst attending your business location.

• Product Liability protects you against claims arising from injuries or damages caused by your toys manufactured. This is particularly important as a producer of children’s toys. An example of a situation covered under this type of policy would be a child choking on a small part broken off from a children’s toy.

These two policies are essential for protecting your business from potential legal and financial liabilities.

A number of different insurance products may be available and relevant to protecting your business (e.g. Property, Theft, Glass, Business Interruption, General Property, Management Liability, Cyber Liability Insurance, Travel Insurance, Workers Compensation, etc.) which we can discuss with you further as needed.

HOW DOES THIS CHILDREN’S TOY INSURANCE PROTECT MY BUSINESS

Public & Product Liability insurance provides legal defence costs for your toy and children’s toy manufacturing. It covers you in situations where a third party suffers injury or property damage due to your business activities or products.

If a claim is made against your business, the insurer will appoint a lawyer or loss adjuster to investigate the incident. They will assess the validity of the claim and determine if it is covered by your policy. If the claim is covered, the insurer will cover your legal defence costs and any damages or settlements where applicable.

Public & Products Liability insurance provides vital protection for your toy manufacturing business by responding to the costs associated with defending you against potential claims. This is why it’s so important that the insurance your business is taking out is providing appropriate coverage.

HOW MUCH WILL CHILDREN’S TOYS INSURANCE COST?

For allcustomers, the premiums will be highly dependent on what types of products you are creating. As toys are considered such a high risk exposure, there is the potential of the costs of the insurance to be higher than expected.

The revenue of your business will also impact the cost of the toy manufacturer insurance premiums offered by an insurer.

At this stage we do not have any specific indications of costs we can provide as a guide. However, are happy to provide an obligation free quote after reviewing options from insurers.

WHAT INFORMATION IS NEEDED TO OBTAIN A PUBLIC LIABILITY AND PRODUCTS LIABILITY QUOTE?

We work to negotiate quotes based on the information provided by you from our online Proposal Form available on this page. Some insurers may request additional information, which we will contact you to discuss separately. 

WHAT BENEFIT IS AN INSURANCE BROKER TO MY BUSINESS?

There are many benefits working with an insurance broker on reviewing your needs. This includes tailored advice on your risk and coverage, securing products for the services you provide, and also assisting to manage claims with your insurer.

Unfortunately, as the cover required for toy manufacturers and children’s toy insurance is very specialised most direct insurers (e.g. AAMI, Allianz, CGU) will not be able to provide you a solution as they do not deal with the public directly for these risks.

Because of the high risk nature of the insurance required it is most likely that an insurer based within Lloyd’s of London will be required to cover your exposure. As a broker we access Lloyd’s by engaging with local Australian Underwriting Agencies.

If it sounds like working with AMC Insurance may be right for your toy manufacuring business, please reach out to us per our contact details on this page.

ARTICLES THAT MAY BE RELEVANT TO YOUR RISK

Handmade Toy Safety Regulations

TO INVESTIGATE TOY MANUFACTURER INSURANCE QUOTES SERVICES PLEASE COMPLETE OUR ONLINE FORM OR CONTACT US AT ALEXC@ABTERRACE.COM.AU