WBSRocks: Business Growth with ERP and Digital Transformation

WBSP064: Grow Your Business by Understanding Your Risk Profile and Insurability w/ Michael Schlagenhaufer

April 20, 2021 Sam Gupta Episode 64
WBSRocks: Business Growth with ERP and Digital Transformation
WBSP064: Grow Your Business by Understanding Your Risk Profile and Insurability w/ Michael Schlagenhaufer
Show Notes Chapter Markers

The risk profile of manufacturers plays a critical role in how insurance companies and regulatory agencies perceive them, including their cybersecurity standard operating procedures, their ability to prevent injuries, and their consistency to hit their KPIs. All of these factors may have significant growth implications for manufacturers. 

In today's episode, we have our guest Michael Schlagenhaufer, who discusses how insurance companies evaluate manufacturers' risk profiles. He also shares his insights into how your risk profiles can impact your bottom line because of increased premiums, denied claims, or inability to be insured. Finally, he discusses several issues related to manufacturers' risk profile and their insurability, such as cybersecurity issues, equipment breakdown, and shop floor injuries.

For more information on growth strategies for SMBs using ERP and digital transformation, visit our community at wbs.rocks or elevatiq.com. To ensure that you never miss an episode of the WBS podcast, subscribe on your favorite podcasting platform.

Intro
Personal journey and current focus
Perspective on growth
The importance of manufacturing expertise for insurance companies
Common insurance coverage risks for manufacturers
The importance of data for insurance coverage
Insurance coverage for cyber security incidents
How the cloud can affect your insurance coverage
How partnering with cyber security can reduce your insurance coverage risk
How preventative maintenance can help with insurance coverage
Common risk exposure for SMB businesses
The impact on business and insurability because of major incidents
Closing thoughts
Outro