The 5 Primary Food Production risks to Address for Resilience identifies key insurance issues for the food and beverage manufacturing industry and provides guidelines for obtaining cover.
Obtaining critical insurance protection has become increasingly challenging for food and beverage manufacturers, who must manage multiple areas of risk in their operations and are facing stringent risk management expectations from insurers.
Gaining adequate risk protection and seeking or renewing insurances for food manufacturing businesses can be achieved with the insights of an industry specialist insurance broker who can provide guidance in taking a systematic approach to the exposures involved in your particular operation.
The 5 Primary Food Production Risks to Address for Resilience report provides analysis and recommended approaches for 5 key risk areas.
- Insurance market and capacity – Be prepared for insurers to ask for independent risk surveys to identify assets and exposures. They will also want to see plans for risk engineering improvements, and updates on agreed actions.
- Property – Many food production processes presents significant property related risks, including EPS, to be managed. A broker with food production expertise can assist in meeting insurers’ expectations.
- Cyber – Reliance on digital systems brings vulnerability to cyber interruptions. Measures to address these operational risks need to be formalised in documented protocols, from an insurer’s point of view.
- Product recall and food safety – Product recall insurance may provide support in direct costs and losses from problem batches, loss of sales and reputational damage. Risk mitigation processes provide assurance to your insurer.
- People and employee risks – Understanding of your people risk factors, including legislation and its interpretation, as well as updated systems of work safety reviews are key to people risk management.
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