Manufacturing Companies Insurance Concerns
Manufacturing is as American as “apple pie”! The industrial revolution created in America catapulted a young country into international dominance. Over the years manufacturing has continued to lead our economy. Innovations, changes, new leadership styles, etc., are all great things developed out of our manufacturing ecosystem.
Most likely for manufacturing operations, the thing that has least changed is their insurance concerns. Property, equipment, general liability, and auto insurance have pretty much been the staples of a traditional insurance policy. While change and innovation led the way for improved manufacturing operations, insurance today is changing, evolving with the times, to better reflect what is happening in society today, and the global world.
Are you a global operation? Do you have the proper coverage to reflect your overseas business, do you travel, do you have subsidiaries, etc. Travelling to an area where kidnapping or ransom is a concern? This risk mitigation isn’t just for the “big wigs” anymore.
Is your HR team on par with the changes in society? Do you need to reflect about how today’s younger workforce is different than in the past. Are you making sure there are appropriate accommodations for a wider variety of choices that employees encompass, do you really reflect upon, or can you adapt to their needs. Employment practices coverage has evolved to mitigate ever-changing workplace risk scenarios when dealing with your employees, contractors, volunteers, board members, etc.
Ransomware attacks, phishing schemes, employee theft, personnel data breaches… the list is becoming endless. Cyber and data coverage used to be “an add on”, but now, in today’s world, you must have an up-to-date cyber policy. Smaller and smaller companies are learning they need to review and have better mitigation strategies or face large out of pocket costs.
Here at Oxford Risk, we work with many manufacturing clients, and we work with each and every one of them to help them understand how times are changing, and so should their insurance. Feel free to reach out to us for a review of your manufacturing operations insurance risk mitigation. If you have not reviewed it in depth in some time, you have just ‘ renewed with the same agent” for a long time, the time is now to do that review, we are happy to share our knowledge and expertise with you.
In the end, we all want the same thing, to keep you whole in times of loss.