Supply Chain Insurance

Supply Chain Insurance

Insurance for science and technology businesses reliant on key suppliers

Where's the weak link in your operations? Modern technology businesses are often dependent upon a complex and lengthy supply chain. What if a key supplier or outsourced research lab suffers an unexpected interruption to operations? Intelligent insurance arrangements can protect you against unexpected loss attributable to breaks in your supply chain.

7 SMART TIPS TO REDUCE SUPPLY CHAIN RISK IN SCIENCE & TECHNOLOGY

  1. Make an inventory of all your suppliers – tier them 1, 2 and 3.
  2. Check your Business Interruption insurance covers interruption at 1st, 2nd and 3rd tier suppliers – and make sure it reimburses committed costs that you can't recover.
  3. Assess the level of your reliance on each supplier in terms of income.
  4. Audit your suppliers - how strong are their financials? What plans do they have to ensure continued supply if they suffer an interruption? Are their materials readily available from another source? If no, how long would it take to find another source?
  5. Establish or review your contracts with them – what are their responsibilities to you?  Is there anything in the contract that leaves you exposed?
  6. Check the indemnity period in your own insurance - is it adequate?  How long might a serious interruption last? Involve your insurer in the process and share your contingency plans with them – it may save you money on your premium!
  7. Establish dual-source supply – if something goes wrong you’ll still have potential loss of income and increased costs, but the risk reduces, and hence your insurance premium may reduce.
Supply Chain Weak Link In Chain

“These guys are the only insurance people I will tolerate speaking to these days, as they are actual humans (with both a brain and a heart!) and offer very good packages too - they answer calls and emails promptly and when I had an issue recently with my bank were very helpful to get it fixed.”

George, La Playa business client

 

Case Study

When faced with a supply chain disruption, proactive supply chain risk management can make or break a company’s existence.

One of the most famous (or rather infamous) cases is the fire at the Philips microchip plant in Albuquerque, New Mexico, in 2000, which simultaneously affected both Nokia and Ericsson. However, each company took a very different approach toward the incident, and in hindsight, clearly displayed how to and how not to handle supply chain disruptions.

Ready to work with us?

You can call us to talk more about your business on +44 (0)1223 200650 or +44 (0)20 3865 0149

What's Covered?

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About La Playa Science & Technology

Specialist & Independent

Specialist & Independent

La Playa's specialist Science & Tech team can help you protect your business with smart, flexible, high-performance insurance - with a friendly human UI. We understand the risks and pressures you face - and we speak your language.  We’ll support you with great advice - helping you make good decisions for your business. 

In-house IFA

We also offer Business Protection (including Key Person Insurance) and Employee Benefits: a joined up approach with a team of advisers working for your best financial interests - all under one roof

Advice You Can Trust

…from an expert who understands you

Tech-based business is 24/7, global and borderless, exposing you to new risks and liabilities - often in unfamiliar places. As the law struggles to keep pace with technology, insurance can provide a real safety net if you fall foul of changing legislation.

  • Specialist insurance for science and technology
  • Independent professional advice
  • Relationship-based service: right beside you when you make a claim
  • “Can do” culture

Seamless insurance across UK and US

What does “Boutique Service” actually mean?
La Playa’s Personal Risk Concierge means:

  1. dedicated adviser so you can speak to the same person each time
  2. Careful listening to really understand your needs and priorities
  3. As much help as you need with completing forms to provide risk information
  4. A discreet and complimentary appraisal* of your property to assess the risks and ensure you have the right cover where you need it
  5. An independent market review - so you don’t have to shop around comparing policies, cover limits, risks covered and smallprint exclusions
  6. Careful monitoring of the insurers’ financial strength, claims and customer service
  7. An independent recommendation of the best policy for you - and, importantly, why
  8. Specialist policy wordings from underwriters who have demonstrated excellence and deep understanding of your risk exposures. We have analysed a wide range of policy wordings and have selected only the best for our panel. Our advisers have a deep working knowledge of these policies 
  9. An intelligently designed portfolio of protection across multiple asset classes and territories
  10. Advice on how best to manage your risks - to keep you safe but also to keep insurance costs down
  11. Expert guidance on valuations, security and risk management, and connecting you with specialist advisers and suppliers
  12. Direct phone, mobile and email access to your adviser for questions and advice. We aim to respond to emails within 60 minutes
  13. Policy documents emailed to you - no logins and passwords to remember
  14. An advocate beside you if you make a claim - thinking laterally to mitigate the impact, making useful connections to get you back up and running; driving through to a swift and fair financial settlement

Oh, and...

  • No call centres
  • No ‘hold’ music
  • No hidden fees

*subject to availability with our insurer panel

Photo from Science & Technology
Photo of Hanna Beaumont FIRM

Hanna Beaumont FIRM

DIRECTOR, CORPORATE

Direct Dial: +44 (0) 1223 200664

Mobile: +44 (0) 7795 473071

Email: hanna.beaumont@laplayainsurance.com

Twitter: @HannaBLaPlaya