Your manufacturing insurance is not what your broker says it is

Most mid-market manufacturers carry commercial insurance coverage that diverges materially from what the broker's renewal letter describes. Premium has crept up by six to twelve percent annually for the past four to seven years, the classification codes have drifted away from the actual operations, the exposure base used for general liability and workers' compensation has not been validated against current operations, and the policy structure (Cyber, Crime, Product Liability, Property, Inland Marine, Auto, Umbrella) has accreted layers nobody systematically audits. An honest audit by an outside reader who is not on the renewal commission can recover six to twelve percent of premium in most years, identify coverage gaps that would have surfaced as claims, and re-baseline the operation for the next three to five years of renewals.