We Protect the Companies That Make the Products We Use
As a manufacturer, how do you quantify your true cost of risk? For example, if you are faced with a recall, how do you calculate your loss of reputation or market share? It is difficult, at best, to quantify this scenario. In contrast, other components of your cost of risk are easily identified, such as insurance premiums, or lost production costs caused by downtime of a custom piece of machinery.
As part of our risk management interview process, we look to confirm that your risk management approach supports your overall business objectives and plans for your company’s future. How would your income or cash flow be affected if there were unforeseen depletions of capital or a shutdown in the plant? Discussing the qualitative aspects of your business provides the important details needed to solidify a plan to help your business succeed, even if the worst happened. Risks can be both qualitative and quantitative. Analyses into both offer the foundation for developing forward-thinking approaches to those exposures.
The structure of your risk management program looks to help decrease your total cost of risk. To reach that goal, we help you:
- • Analyze your exposures
- • Implement control measures to those exposures
- • Determine risk transfer or financing options
- • Manage current and future exposures
To read more on the coverages you should have please download our complimentary brochures which further detail which coverages you should have in place and why, based on your market.