Insurance and Risk Management for Food and Beverage Businesses
With regulatory changes and an increasingly global business environment, new risks continue to emerge for companies in the food & beverage, manufacturing and agribusiness industry. Issues such as food safety, contamination, supply chain risk management, bio-terrorism, extortion, security, genetically modified organisms, IT system failure and global warming can have financially devastating effects if not properly identified and addressed.
Aon’s 2019 Global Risk Management Survey (GRMS) found that among the top 10 risks faced by food and beverage companies was supply chain failure. Certain causes of supply chain failure are unavoidable, such as rising commodity prices and natural disasters. However, certain factors can be predicted and mitigated accordingly. These include the risk of a cyber-attack, poor quality control, and logistical errors.
The food & beverage industry is increasingly becoming a vertically integrated process. End-to-end strategic partnerships between producers, processors and retailers are being forged to satisfy customers - in real time. Such avoidable risks can create massive business disruption, and may ultimately cause a loss of revenue, for food and beverage businesses if not addressed in a timely manner.
This changing business model in a fast-changing industry could benefit from risk management and insurance solutions which may not have been previously considered by these types of businesses.
Aon can offer solutions for the following risks faced by food and beverage businesses. Contact Us for more information or to arrange a quote.
- Food safety and security
- Supply chain disruptions
- Foreign and domestic terrorism
- Commodity price risk
- Genetically engineered food
- Effects of climate change
- Accidental and malicious contamination
- Brand equity damage and reputation risk
- Loss of revenue due to volumetric risk
- Environmental impairment
- Governmental and regulatory changes
Why Choose Aon?
Aon maintains a widespread network across Australia of individual food and beverage insurance experts who offer support through more than 30 office branches. We design and implement programs that identify and address your specialised industry needs.
Aon offers insurance coverage and risk management solutions for Australian producers to protect against home grown risks to crops, livestock, property, assets and liabilities as well as continuing downstream operations and a competitive retail market.
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The information contained in this document is general in nature and should not be relied on as advice (personal or otherwise) because your personal needs, objectives and financial situation have not been considered. Before deciding whether a particular product is right for you, please consider the relevant Product Disclosure Statement (if applicable) and full policy terms and conditions available from Aon on request. All representations in this document in relation to the insurance products we arrange are subject to the full terms and conditions of the relevant policy. Please contact us if you have any queries.