In 2022, food manufacturers endured another challenging year of industry trends, which appear poised to continue this year. So, while you focus on the core competencies of your business, you’ll again navigate supply chain obstacles, skilled labor shortages, the continued effects of inflation and even cybersecurity threats. An outcome of these converging trends is another year of increased costs for ingredients, supplies and labor. Similarly, if you need to expand your footprint or upgrade your equipment to keep pace with increased consumer demand, you will probably pay more to do so.
All these changes to your business, and the broader industry, can increase your financial risks. And though rates will need to keep pace with the industry's growing cost of claims, your insurance policy remains one of the most cost-effective tools for protecting your business long-term.