ICA understands the vital risks facing manufacturers of specialty and staple products because professionals at ICA have owned or managed manufacturing businesses in different industries and in different states prior to joining ICA. Manufacturers that operate or transact business within the United States or internationally must face the reality that the global business world is changing transiently. From the threat of unforeseeable changes such as the effects of “trade wars” and supply chain risks that create new exposures, to the expected diminishment of key personnel in the industry at large – further exacerbated by new competition and the use of robotics, manufactures that are not kept abreast of their operational risks for proper management of their exposures may face a troublesome future.
Careful consideration should be given to the processes and procedures implemented by all manufacturers, to ensure the safety of their people, and the survival of their organization, in order to focus on their growth. For example, a manufacturer that utilizes its own designs or plans needs to address the specific risks associated with those designs compared to a manufacturer that produces goods designed by another party. In both situations, recent data indicates that product liability damages awarded to injured plaintiffs over the past decade is the highest category of damages paid, even compared to medical malpractice, negligence, and workers compensation liability damages.
Vendors and suppliers to these businesses, may also cause a business interruption loss to the manufacturer, should these suppliers be down or interrupted. Other critical factors to build into an intelligent risk management program might include preparing for geographic or weather-specific perils, foreign jurisdiction’s procedural risks, change in law and related perils, equipment malfunctioning, and use of machinery with safety controls, mitigating accidents in the workplace and disaster management. ICA’s risk assessment and management services have proven vital to the functioning of Manufacturing Industry clients, and to those who manage those businesses because among other things, ICA has visited their operations all around the globe familiarizing themselves with these risks, whenever possible. The following testimonial exemplifies ICA’s value provided to one of its Manufacturing clients:
“We thought our insurance program was adequately priced… ICA compared our exposures to our existing risk management program, prepared specifications and arranged a competitive marketing strategy including brokers and insurance companies from all over the country who specialized in our risks. The end result was a one-year savings of 35% in premiums alone, yet at the same time our insurance coverage was significantly improved…”
– Manufacturing Industry Client
Contact ICA for a comprehensive list of client references.