National Client Development Leader
As consumers become more health, social, and environmentally conscious, food and beverage companies around the world are evolving their business models to meet these needs.
Companies are increasing their adoption of technology and expanding supply chain structures to maintain market share, while facing challenges from severe weather events, increasing regulations, and cyberattacks. The COVID-19 pandemic accentuated and exacerbated many of these risks as some supply chains failed or were severely curtailed.
While these evolving trends carry significant risks, they also create new opportunities. Choosing cost-effective risk financing alternatives and implementing risk management practices that exceed industry standards is critical for many food and beverage businesses, especially while capital is tight as they emerge from the lowest points of the pandemic and seek to capitalise on new commercial possibilities.
Marsh helps food and beverage companies — from manufacturers and processors to distributors, wholesalers, and restaurants — anticipate the risks they face, understand their impacts, and implement comprehensive plans to mitigate them.
Whether fine dining, grabbing a quick bite, or selecting quality ingredients to cook at home, Australian consumers have broad and varied tastes. Beyond quality and flavor, food and beverage companies must also keep pace with evolving health and environmental demands such as allergy-conscious menu options and socially-responsible manufacturing and distribution. Cultural sensitivity and inclusivity are also crucial to companies’ brand strategies and policies.
Over the past year, civil unrest, severe weather events, and the COVID-19 pandemic further tested their supply chains and highlighted the need to embrace resilience in their enterprise risk management strategies.
Marsh's Food and Beverage Specialists help companies identify, prioritise, and manage the various risks they encounter. From product contamination to employment practices liability, slips and falls, EPS (expanded polystyrene foam Sandwich paneling used in cold storage facilities) to cybersecurity threats. We can help you implement strategies and solutions to protect your physical and people assets, and your customers, with a focus on sustainability and resilience.
Some of the top risks facing food and beverage companies include:
These risks can be insurable.
The insurance needs of food and beverage companies may vary by geographic location, product type, and other factors.
In many developed nations, companies of any description are required to carry workers’ compensation insurance (sometimes called “workers’ comp”) or its equivalent, in case of accidental injury to or the death of an employee. Due to the inherent risks of working in the food and beverage industry, especially for personnel assigned to production lines with heavy equipment, it is essential that any employer provide this type of coverage where legally obligated.
Other types of insurance include:
Managing workplace safety risks can be challenging for food and beverage companies. Some risks such as fires and explosions, ergonomic injuries, or slips and falls may be preventable in many cases, but others like pandemics can be difficult to predict and manage. It is important for food and beverage companies to work with trusted risk advisors when assessing their workplace safety risk profile and creating mitigation strategies that meet with company objectives as well as any regulatory requirements.
Marsh's Workforce Strategies Consultants offer a full suite of workplace risk management solutions which leverage data and analytics to provide insights into your potential risk exposures. Our specialists use a tailored approach to help you identify, prioritise, and implement programs to effectively get ahead of your workplace risks before they pose a problem.
In order to remain resilient and competitive within the industry, food and beverage companies need to stay informed of emerging risk issues, regulatory developments, and trends which could impact their bottom line. While there are many sources of information they can turn to, they should seek ones that provide a more holistic view of the risks they face. The food and beverage industry is constantly evolving as new seismic shifts with significant risk impacts continuously emerge.
Marsh's Food and Beverage Practice publishes quarterly Food for Thought insights that highlight current industry trends and challenges, share how companies are successfully navigating them, and offer risk management best practices that can help mitigate the impacts. Our annual in-person roundtables and forums and regular webinars and peer-to-peer calls help further facilitate conversations on key issues and trends important to you.
National Client Development Leader
Transport, Food and Beverage, National Practice Leader