The manufacturing industry has experienced growth during the past two years, and experts forecast that the positive trend will continue in 2024. The New Jersey Business and Industry Association has even named 2024 the Year of the Manufacturer to bring attention to the state’s many corporations. As the manufacturing industry evolves, it’s essential for business owners to continually evaluate and manage their risks with appropriate manufacturers insurance.
2024 Trends for Manufacturers Insurance Customers
The Creating Helpful Incentives to Produce Semiconductors Act of 2022 provided a needed boost to the manufacturing industry that business owners are still feeling today. This legislation, along with the Infrastructure Investment and Jobs and the Inflation Reduction acts, caused investors to put a substantial amount of money into the manufacturing industry. Even more people will likely invest in 2024.
New this year will be outside-the-box solutions to workforce challenges and novel ways to integrate technology. Here are some of the most innovative trends to watch for:
- Increasing sustainability through decreased reliance on fossil fuels
- Offering flexible scheduling and pay raises to attract and retain workers
- Focusing on customer satisfaction with more after-sale services
- Incorporating smart technology, artificial intelligence, and virtual reality
- Using digital supply chain management to deal with material shortages
New Jersey’s Manufacturing Industry
New Jersey manufacturers supply various products ranging from chemicals and pharmaceuticals to plastics, rubbers, and metals. They also provide a large portion of the country’s 13 million manufacturing jobs. The recent growth of the semiconductor industry is one of the newest opportunities in the state that will provide even more employment.
Despite all the good news, many feel that government regulations make it difficult to do business in New Jersey. The situation requires companies to have exceptionally good manufacturers insurance to cover liability risks associated with environmental, OSHA, and Homeland Security laws they must follow. Others complain that workforce shortages have deeper causes that are out of their control.
Role of Manufacturers Insurance
Even in the best of years, certain risks are inherent to the manufacturing business. Labor disputes and lawsuits are common. Product defects and recalls increase liability risks. Supply chain and energy disruptions can cause interruptions in workflow and production. Your business, directors, and officers are all at risk of taking the blame financially when things go wrong.
Manufacturers insurance is your company’s number-one risk mitigation strategy. Without it, your business could suffer devastating financial losses. General liability is the most basic protection to ensure you do not lose money due to lawsuits and claims of injury. However, many other types of New Jersey manufacturers insurance exist to suit your unique needs. Here are a few types Provident Protection Plus offers:
- Product
- Crime
- Business interruption
- Crisis management
- Excess liability
Provident Protection Plus understands the diverse and shifting needs of manufacturing companies. Our agents stay abreast of industry trends and can offer protection to put you in the most secure position to benefit from all 2024 has to offer.
One of our representatives at PPP can provide you with a quote for comprehensive manufacturers insurance that suits your needs. Call today!
About Provident Protection Plus
For more than 65 years, Provident Protection Plus has served businesses and residents across several states nationwide. Today, we are a wholly owned subsidiary of Provident Bank, the region’s premier banking institution. To learn more about our coverage options, contact our specialists today at (888) 990-0526.