Risk
Risk Mitigation – is your business protected?
Stewart Hunt, Managing Director, First Commercial Insurance Is your business at risk? The food manufacturing industry is vital to the the New Zealand economy, representing 3.75% of our total GDP and 71% of our manufactured goods exports in 2019. With the arrival of COVID-19 virtually shutting down our tourist industry overnight, our economy is even more reliant on income from our food exports.1
Protect your business from the unexpected
New Zealand’s reputation for safe, high-quality food is a crucial part of the industry and the economy. Maintaining and increasing this level of trust with consumers is essential to supporting our export base for manufactured food, particularly when we are competing with a large number of global food brands with marketing acumen and deep pockets.
a glass of water. Other risks are monumental: Christchurch residents discovered the enormity of the risk of living in a city on a fault line in 2011. We constantly minimise risk, by wearing seatbelts, for example. And we can mitigate some risks by insuring our property in case of loss or theft, for example.
We constantly live with risk. Most risks are so small that we ignore them as being of little moment - cutting a finger while cooking or dropping
So it is in business. A food manufacturer constantly runs many risks in producing food for human consumption. They also live with risks
April/May 2021
31
