Manufacturing Risk Management
Risk management and risk control guidance for the manufacturing sector
You have worked for years to build your business and your reputation, but unforeseen risks are always possible. Successful manufacturing companies make efforts to anticipate and evaluate the risks and challenges in their operations and prepare for what could happen. When they do, they are better able to help prevent disruptions and injuries to employees, deliver quality goods and services to customers, and keep their business growing.
The following are some of the areas of risk that you may need to consider and where Travelers can provide risk management advice and guidance.
Buildings and equipment
Combustible/flammable materials, faulty electrical service and hot works are among sources of fire and explosions that can result in injuries, loss of life and damage to commercial property and equipment. Lack of premises security can also result in theft and loss. Be property smart!
Business continuity
Interruptions in operations – due to a fire, natural disaster, violence, damaged critical equipment, or compromised data networks are among events that could cause financial harm. Natural and man-made disasters have taught us lessons about the need to be prepared in advance to help ensure continuous operations.
Workplace safety and health
Manufacturing activities present a wide variety of injury and occupational ill health exposures to employees, customers, visitors, suppliers and contractors. Understanding and managing these exposures demonstrates that the wellbeing of staff and others is a clear priority supporting business performance and growth.
Product safety and liability
From product conception to completion and its final disposal, your product’s lifecycle has three natural phases – pre-production, production and post-production – all of which provide opportunities for building in quality processes and safety, but also open the door for potential liabilities. Giving attention to design, manufacturing quality, warnings, labels and instructions can all help to ensure that products sold are safe and build your reputation as a quality manufacturer.
For more information, sign up to our Risk Academy, log in to the Risk Control Customer Portal, or email [email protected].
