Lockton | Manufacturing

Manufacturing

Lockton’s manufacturing experts have designed custom programs for a number of diverse products such as steel, paperboard boxes, skincare treatments, boats and agricultural equipment, among others. Intricate knowledge of fixed assets, property, systems, equipment and raw materials are considered as we analyze their impact on your unique insurance and risk management program.

Our depth of understanding for your business and our specific market expertise allows us to help you plan for potential losses and liabilities. In addition, our loss control experts and claims consultants will guide you through the complex landscape of mitigating risk throughout your company’s operations. Manufacturing

Lockton Service

The key to our success is working in close partnership with each of our clients. Our specialists take time to listen and to understand your specific goals so that we deliver insurance solutions tailored to your requirements. This approach has earned us the trust of clients all over the world.

The same team that designs, negotiates and implements your business insurance plan with the carrier is also responsible for managing your service needs. This dedicated team approach increases our understanding of your business, allows us to anticipate your needs, and creates accountability and ownership by the team throughout the entire process.

Most insurance brokers promise a high-level of personalized service, but our unique structure allows us to actually deliver on that promise everyday. As a private, family-owned company, all our Associates focus solely on you, our client, rather than public shareholders.

We firmly believe we get business based on our expertise, creative solutions and outstanding service. Just as importantly, our client retention rate of 95 percent reflects our commitment to each and every client.

Success Stories:
	Blended coverage is the right combination for a major manufacturer A major manufacturer had significant earthquake (EQ) exposures at their inventory warehouses as well as a very large Ocean Cargo exposure. Lockton blended the two coverages together to cover the raw materials, inventory and finished product through transit and while at fixed locations. This blending allowed the client to benefit from favorable Marine pricing on its inventory at fixed locations, broad EQ coverage and very low EQ deductibles. It also allowed the property insurer to benefit from having the Marine program act as an underlying "deductible" on inventory.

	Safety is made a priority at manufacturing plants One of the largest U.S. manufacturers of oil steel tubular products used in the completion of new oil and natural gas-wells. It has roughly 1,000 employees located in its two plants. The client’s incident rate was three times worse than the Bureau of Labor Statistics average. Its claim costs were doubling from one year to the next. Lockton’s safety and claims cost control consultants performed a survey of the company’s safety and post-injury practices. Lockton’s objective was to determine key drivers pushing the company’s deteriorating workers’ compensation experience. Create a business plan to reverse the trend and implement all recommendations. Many injuries were serious, traumatic events. Even so, management perceived that many employees were filing fraudulent claims. The internal claim coordinator failed to file employees’ reports of injury in a timely manner. Working together, the Lockton Safety Professional and Claims Cost Control consultant gained management’s commitment to hold supervisors accountable for safety activities and prompt claim reporting. We trained the internal claims coordinator on appropriate injury-management techniques. The safety consultant helped the company realize it really could create a safe culture. The claim coordinator used Lockton’s claim management software to help her make a difference in the outcome of the employees’ injuries. After one year, the company went from reporting 32 percent of its claims within three days of the date of injury to reporting 92 percent within three days. The company saw a 62 percent drop in average cost per claim within one year of implementation.