Aviation & Aerospace Insurance
Volcanic eruptions, extreme weather and geopolitical issues are all factors that can have a great influence on the aviation & aerospace industry, and in extreme cases it can even cause huge losses to businesses.
As a business owner, it’s now more important than ever that you take the time to find an insurance policy which truly covers your business in the event of the unexpected occurring. Read on to find out Woodfield & Riley can help to protect your business.
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What is the aviation & aerospace insurance?
Aviation & aerospace insurance can protect your business against a wide range of claims, financial risks and most important losses. Operating within the aviation & aerospace can involve many risks, some of which are completely out of your control, and therefore finding an insurance policy for your business is key for ensuring that no matter what the future holds your business will be protected.
What does the aviation & aerospace insurance cover?
There are several different types of aviation & aerospace insurance policies that you could consider for your business. These include:
- Employers’ liability insurance: This is a legal requirement if you employ any member of staff (including permanent, temporary, contractors or freelancers). The minimum level of protection is £5m, which will cover the cost of compensation claims if they get injured or ill at work.
- Business interruption insurance: Provides cover for financial losses if your business can’t operate from its premises as normal as a result of a fire, major theft or a flood.
- Business assets insurance: Provides cover for the things that your business needs to operate, such as planes, fuel and runways.
- Aerospace manufacturers insurance: Providing protection from claims following an accident causing damage to a third party aircraft (or spacecraft) or injury to persons. With no two businesses being the same, aerospace manufacturers insurance is tailored to meet your business’ specific needs and requirements.
- Airline insurance: Offering a dedicated insurance cover against some of the most common risks that airline companies can face, protecting your businesses against war risks liability risks and many other lines of coverage.
- Airside liability insurance: If your business operates within an airport it may mean that you’re not covered by the public liability insurance. If this is the case, it may be that your company is vulnerable to claims. Airside liability insurance gives your business the added insurance coverage to keep you protected at all times.
- Space and Satellite Insurance: As space becomes increasingly commercialised the need to manage risk is becoming more needed than ever before. This insurance provides cover for satellite launch and in-orbit, Spacecraft pre-transit, transit and pre-launch all risks and many more ensuring that your business is covered every step of the way in your space operations.
These are just examples of some of the types of aviation & aerospace insurance policies that we look after at Woodfield & Riley. As we know that no two businesses are the same, speak to us today to find out which policies will best meet your needs.
Why do I need aviation & aerospace insurance?
Business owners that operate within the aviation & aerospace industry will understand how delicate their daily operation can be. With so much going on in the world, you can never be truly certain what’s going to happen next. If an active volcano was to erupt, it could lead to days without a single plane being able to take to the sky. Volcanic ash can cause huge damage to plan engines resulting in huge losses to your business. Political tension can also be another huge influence on the industry, so it’s highly important that you have the right cover in place to help keep your business protected.
Cost of the aviation & aerospace insurance
The premium that you will pay for aviation & aerospace insurance depends on the level of cover that you need and the breadth of cover that your business requires.
It is crucial to ensure that you are properly protected in the event of an incident occurring. With that in mind, at Woodfield & Riley we will take the time to understand the specific needs of your business and recommend the amount of cover that is best suited to you.
How can I get aviation & aerospace insurance?
Established in 1997, Woodfield & Riley are the aviation & aerospace insurance experts. We understand that your business faces unique risks and challenges on a day to day basis, and that you need bespoke insurance that works for you and gives your business the level of cover that you require.
Give your business the protection that it deserves today – if you want to find out how much peace of mind costs, contact Paul by calling: 0800 0000 000.