Construction sites and the production floors of manufacturing firms are teeming with the roar of engines and the whine of machines. Without the proper protection, this environment is not only in hospitable, but potentially damaging to workers’hearing. Prolonged exposure to these types of noise heavy environments can increase a worker’s risk of developing noise-induced hearing loss, also known as industrial deafness. From 2013 to 2014, an estimated 80,000 industrial deafness claims were filed—causing some insurers to label the injury as the ‘new whiplash’. While permanent and disabling loss … [Read more...]
Manufacturers: Managing Your Total Cost of Risk
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. Total cost of risk is an insurance term describing the cost of both pure and speculative risk. It is synonymous with price—the price of your risk management programme. We take a total cost of risk … [Read more...]