PlastikCity Insurance Blog // Top 10 Insurance Tips for Fiscal Year-End Planning

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. In this blog, PlastikCity Insurance highlights ten insurance checks that plastics manufacturers, distributors and fabricators should be considering before year-end, helping you reduce risks and avoid hidden costs.

1. Review Policy Limits and Coverage Types

Before the fiscal year ends, reviewing all your active insurance policies ensures 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 for you.

2. Audit Your Assets

Carrying out a full audit of your machinery, stock and premises ensures 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 Outdated valuations can lead to underinsurance or paying too much for assets no longer in use or over-valued, so it’s worth checking this annually.

Tip: Work with PlastikCity Insurance to avoid underinsurance penalties or overpaying for outdated valuations.

3. Evaluate Your Business Interruption Coverage

Make sure 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 your covered against cyber-attacks is becoming more and more essential. Find out more on cyber-insurance in the plastics industry here.

6. Conduct a Claims History Review

Reviewing the last 3–5 years of claims can highlight patterns or improvements in risk management Sharing any improvements with PlastikCity Insurance to help negotiate better premiums or tailor risk management services.

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, 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 extras:

• Product Recall Insurance
• Directors & Officers (D&O) Insurance
• 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:

• Forecast premium changes
• Plan for coverage enhancements
• 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. PlatiskCity Insurance can help you protect your investment, meet client expectations and support long-term growth. There is lots more we can help you with, and to find out all the tips we didn’t include and how to make the most of those we did, email or phone us today.

*PlastikCity Insurance’s policies are arranged and administered by PHL Insurance Brokers Limited

Read more about PlastikCity Insurance here.

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