How can we help protect your business?
Roark & Sutton has years of experience with the manufacturing, wholesale, and retail industry. We often have found these industries will pose similar risks, as many manufacturing firms also have a wholesale, and sometimes a retail branch to move their products ultimately to the consumer.
Manufacturing brings about certain insurance predicaments,which can be avoided by using someone that specializes in your industry. What are some of the risks which are prevalent, and often overlooked for manufacturers?
- Production Machinery Valuation
- ACV vs. Replacement Cost vs. Functional Replacement Cost
- Which is best for your situation?
- Errors and Omissions
- How much exposure do you have to recalling products and having to redo the order…will this be paid for on your dime?
- Cyber Liability
- Do you have sensitive and/or valuable data from your customers on your computer systems which would cause them financial harm if it were stolen from you?
- Vendor & Supplier Management
- Are you getting proper advice pertaining to insurance requirements of your logistics companies?
- When customers request to be named additionally insured on your policy, do you thoroughly vet their intended use of your product first?
- Could you be held vicariously liable for an accident involving a freight transport company you didn’t properly vet?
Wholesalers & Retailers also have unique coverage needs which require a specialist to ensure they are adequately covered, or at least offered the coverages, so that you’re able to make the right purchase decision to protect your business.
- Auto liability can often be one of the costliest line items for this industry, as many times large fleets are employed for moving products between locations, delivering products to customers, and providing salespeople vehicles to drive.
- What driving standards are you going by?
- How would you defend yourself in court if the plaintiff attorney were to use either of the following terms?
- Negligent Entrustment
- Contributory Negligence
- What risk management practices can you implement now which will help you avoid this situation, or at least provide you the documentation necessary to defend yourself.
- Blanket property coverage, especially for your Business Personal Property, can be extremely useful as inventory is rarely static, and often moving large amounts of inventory from location to location can present a coverage problem if limits of insurance apply per location.
- Employment practices liability policies provide coverage for your business being sued by an employee, but what covers you from a harassment or discrimination suit from a third party, such as a vendor, supplier, or customer?
- Cyber liability, especially for the loss of customer data, is an ever-present threat and increasing each day both in its likelihood of happening and the cost of a data breach.
- If you had to report a breach, which requires you to follow the requirements mandated by the state the customer lives in, how would you go about ensuring you are reporting per the guidelines set forth to make sure a penalty would not be assessed against you?
- Would you hire a public relations firm to help you mitigate the damage to your reputation if you were to end up on the evening news?
We can help you navigate the complexities of understanding and assessing your exposures, determining the proper coverage to transfer your risk, evaluating the pricing and coverage language, and recommending the most equitable solutions for your business. At the end of the day you are going to write the check for the coverage you feel necessary, it’s our job to ensure you’re presented everything you need to make the right decision.