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Manufacturing Risk: How Do You Compare to Industry Averages?

 

As a business owner or key stakeholder, it is critical to ensure that your organization is properly covered in case anything goes wrong as you conduct your operations. As a manufacturer, you must be able to adequately protect yourself from theft, property damage, and product liability. But how much insurance should you be paying for? How much can you expect claims to cost, and how often should these incidents really be occurring? Read more to find out how your business compares to industry-wide averages.

Topics: product liability manufacturing risk management manufacturing claims management manufacturing industry average average manufacturing costs average manufacturing claims

Retail with Risk: How Does Your Business Compare to Industry Averages?

As a business owner, it is vital to ensure that you are properly covered in case anything goes wrong with your operations. As a retailer, you must be prepared for theft, liability claims, and accidents. But how much insurance do you really need? How much should your average payout be, and how often should these incidents really be occurring? Take a look to see how your business compares to retailer averages.

Topics: Retail Risks slips trips and falls Retail Claims Management product liability theft risk retail industry average retailer costs average retailer losses

Product Recall: How Your Business Can Prepare

 

Product recall is a terrifying phrase for both manufacturers and retailers. If not handled properly, it has the ability to destroy brands and bankrupt companies. With the ability to have such a detrimental impact, you would think that many companies have an effective product recall plan in place. But in reality, many companies, even large corporations, are not prepared to handle a large product recall incident. 

Topics: product liability manufacturing product liability product design liability product recall preparedness product recall product recall management

12 Best Practices for Mitigating Product Liability

All manufacturers carry a duty of care in providing consumer products that are safe for its intended use. If an incident occurs, establishing who is at fault can be a long, tiresome, and expensive process. That’s why it’s important to ensure your organization is taking all necessary precautions throughout the entire manufacturing lifecycle. A comprehensive understanding of what you can do to reduce your liability is an essential step towards building a stable financial plan.

Topics: legal risk product liability manufacturing risk management manufacturing product liability manufacturing EHS manufacturing process management duty of care liability incident tracking manufacturing claims management manufacturing incident management product design liability manufacturing duty of care commercial product liability

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