Captive Insurance Planning For the Middle Market
The Internet of Things: Risks in Manufacturing
The Internet of Things (IoT) is revolutionizing the manufacturing industry in meaningful ways. Products and machines are interacting with software sensors, network connectivity, the internet, and more providing real-time, actionable data. Higher profits and revenue are just some of the benefits of IoT. However, there are risks associated with it. Cyber hacks, equipment failure, and other perils threaten the sustainability of manufacturing businesses that haven’t been proactive in their risk mitigation approach. Conventional insurance often carries caps in coverage and its financial benefits are also limited.
The IoT has made an impact on business operations in manufacturing across the U.S., increasing efficiency and decreasing breakdowns. But risk exposures remain. In Capstone’s blog, The Internet of Things: Risks in Manufacturing, you’ll discover how threats to data networks and machinery affect the manufacturing industry and the different ways manufacturers can address risk exposures via captive insurance planning. Read our latest captive insurance blog entry now.