Getting your Trinity Audio player ready...
null

When a medium-sized, water heater manufacturer contacted Gallagher about mental health risk management it was soon identified that this wasn't the only gap — the business had a raft of other risk management concerns.

These included workers compensation, mental health and cyber security. The business was particularly concerned that its workers compensation cover was due for renewal and the management was seeking advice from a Gallagher expert.

Team of specialists improved insurance coverage gaps

The Gallagher team in Wollongong assembled a group of national specialists in identifying risk issues and providing comprehensive solutions across the full spectrum of the business's insurance needs.

One of the key coverage gaps was the manufacturer's public liability cover: the business was underinsured, especially in consideration of fire and other potential risks in the storage heater production process.

In addition, the business management hadn't received comprehensive advice from the prior insurer and didn't fully understand the necessary insurance limits and the role of risk management in controlling their premium costs.

How Gallagher addressed specific workplace health risks

Expert workers compensation claims analysis identified a contrast between the declining claims incidence and the duration of absences in the claims made, which was increasing.
In spite of having good systems and processes there was a lack of follow-through in case management, indicating ineffectual return-to-work programs and the need for timely medical reviews.
Gallagher appointed a consultant to offer collaborative partnership for the business to develop a case management team task force. Regular consultations on return-to-work programs were scheduled and our workers compensation specialists consulted on individual claims cases.
By implementing these processes, the business laid the foundation for further improvements in areas like mental health. Aware that psychological claims are becoming more prevalent, the management was keen to develop a work health and safety action plan.
The proposed solution: short, intensive workshops for all the business's line managers to achieve time efficient and effective spread of upskilling leaders with mental health first aid training covering safety, compensation and injury management.

How a holistic approach to risk and insurance ensured stronger protections

Beyond workplace risk improvements, the business was impressed and confident with the Gallagher team capabilities and sought a comprehensive review of their risk and insurance portfolio.

Improving management of risk exposures has enabled the business to be more agile in responding to issues, obtaining relevant advice and taking action.

For example, the business is investigating how the Gallagher cyber team can assist them in structuring an effective risk management plan, while improving their cyber security and resilience so that our cyber specialists can help them improve their cyber risks to meet potential insurers' underwriting requirements.

How Gallagher can help manufacturing sector businesses

Our insurance specialists have experience across thousands of manufacturing businesses and we understand the different phases of risk and the opportunities involved.

We provide our assessment, analysis and recommendations, based on your operation's particular exposures, to tailor solutions that provide a cost-effective, integrated approach to protecting your business.

connect with us

Disclaimer

Gallagher provides insurance, risk management and benefits consulting services for clients in response to both known and unknown risk exposures. When providing analysis and recommendations regarding potential insurance coverage, potential claims and/or operational strategy in response to national emergencies (including health crises), we do so from an insurance and/or risk management perspective, and offer broad information about risk mitigation, loss control strategy and potential claim exposures. We have prepared this commentary and other news alerts for general information purposes only and the material is not intended to be, nor should it be interpreted as, legal or client-specific risk management advice. General insurance descriptions contained herein do not include complete insurance policy definitions, terms and/or conditions, and should not be relied on for coverage interpretation. The information may not include current governmental or insurance developments, is provided without knowledge of the individual recipient's industry or specific business or coverage circumstances, and in no way reflects or promises to provide insurance coverage outcomes that only insurance carriers' control.

Gallagher publications may contain links to non-Gallagher websites that are created and controlled by other organisations. We claim no responsibility for the content of any linked website, or any link contained therein. The inclusion of any link does not imply endorsement by Gallagher, as we have no responsibility for information referenced in material owned and controlled by other parties. Gallagher strongly encourages you to review any separate terms of use and privacy policies governing use of these third party websites and resources.

Insurance brokerage and related services to be provided by Arthur J. Gallagher & Co (Aus) Limited (ABN 34 005 543 920). Australian Financial Services License (AFSL) No. 238312

MORE NEWS & INSIGHTS