Tailored services: flexible insurance solutions for the textile industry
The textile industry is an extremely dynamic sector in terms of prices, delivery timeframes and quality. The main reason for this is the fierce competition that shapes the industry. The purchase cycles are becoming shorter; more collections have to be produced in a shorter amount of time, causing many German traders to go abroad for cost-effective production. Others respond to the price pressure by specialising in the development and production of technical materials and operating in a niche market. As an independent insurance broker with appropriate industry experience, Funk identifies and analyses specific risks that arise from these market developments and reliably devises tailored solutions for a wide range of areas in the textile industry.
Many renowned companies rely on our expertise, among them:
- Weaving mills
- Spinning mills
- Knitwear workshops
- Embroidery workshops
- Clothing manufacturers
- Textile finishing workshops
- Textile traders
Everything covered: core risks of the textile industry
The shift of textile production abroad brings with it longer production cycles and long transport routes – clothing manufacturers, spinning mills and weaving mills have large accounts receivable over a larger period of time. The risk of production errors and loss or damage of goods during transport also increases. Textile retailers by contrast are under pressure to have more goods available at all times due to growing online business. In this case the risk lies in accounts receivable for warehouse maintenance and the protection of warehouse inventories, for example against fire and natural hazards.
Insurance broker with global expertise in textile production and trade
The textile industry is shaped by continual technical developments with innovative products and production processes. Comprehensive risk management must take these developments into account with flexible, adaptable cover of operations and technical systems as well as the transport and supply chain. Funk offers companies in textile production and processing as well as textile wholesaling tailored solutions:
- Property insurance
- Fire insurance
- Business interruption insurance
- Technical insurance/machine insurance
- Freight insurance
- Environmental insurance
- Product recall insurance
With well-founded industry knowledge and global expertise on the insurance market, Funk faces the challenge of increasing globalisation in the textile industry characterised by a number of different production and supply structures.