The fiscal year-end is a critical time for plastics manufacturers, distributors, and fabricators to assess operations and ensure financial and risk strategies are aligned. We’ve highlighted ten insurance checks that you should be considering before year-end to help reduce risks and avoid hidden costs.
1. Review Policy Limits and Coverage Types
Before the fiscal year ends, review all your active insurance policies to make sure they are still appropriate for the scale of your operations and remain fit for purpose. Businesses can change significantly year to year, meaning your current cover may no longer be the most cost-effective or provide the best protection.
2. Audit Your Assets
Carry out a full audit of your machinery, stock and premises to ensure everything is properly covered and valued. Outdated valuations can lead to underinsurance or paying too much for assets no longer in use or over-valued, so this should be checked annually.
Tip: Work with us to avoid underinsurance penalties or overpaying for outdated valuations.
3. Evaluate Your Business Interruption Coverage
Check that your business interruption cover reflects your current turnover, supply chain, and recovery times. If a major disruption occurred, would your policy provide enough support to keep things running while you recover?
4. Ensure Compliance with Safety and Regulatory Requirements
Keeping up with health and safety standards, fire protection, and maintenance schedules not only protects your team, it can also help lower premiums. Insurers are more likely to reward businesses that show strong risk management.
5. Examine Cyber Insurance Needs
With increasing digitisation, especially in CAD/CAM design, automated manufacturing, and ERP systems, plastics businesses are more exposed to cyber-attacks. Making sure you’re covered against cyber-attacks is becoming essential. Find out more about cyber-insurance in the plastics industry here.
6. Conduct a Claims History Review
Look back over the last 3–5 years of claims to identify patterns or improvements in risk management. Share any improvements with us, as this can help us negotiate better premiums or tailor risk management services for your business.
7. Prepare for the Insurance Renewal Process
Start the renewal process early to avoid rushed decisions or missed details. This gives you time to compare quotes, review coverage options, and address any issues before your policy expires.
8. Consider Emerging Coverages
Standard policies don’t always cover every risk. Depending on your business, it may be worth exploring additional cover such as:
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Product Recall Insurance
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Directors & Officers (D&O) Insurance
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Employment Practices Liability Insurance (EPLI)
9. Reassess Deductibles and Retentions
Review whether your current deductibles still make sense based on cash flow and claim trends. Adjusting them can help reduce premiums or improve affordability if you need to make a claim.
10. Set Insurance Budget Projections for the New Fiscal Year
Use your renewal review to:
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Forecast premium changes
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Plan for coverage enhancements
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Align risk management with financial planning
Final Thoughts
Fiscal year-end is not just about accounting, it’s about making sure your business is resilient and optimised for the year ahead. We can help you protect your investment, meet client expectations, and support long-term growth.
There’s much more we can do to support your business. To find out all the tips we didn’t include here and to make the most of those we did, get in touch with us today by phone or email.
PlastikCity Insurance policies are arranged and administered by PHL Insurance Brokers Limited
