As a manufacturing specialist, Michael Schlagenhaufer is a self-proclaimed “lean believer” who continually tours plants and points out areas for improvement—some 5S here, opportunities for standard work there, a potential for a value stream and cellular work flow here and there. But he doesn’t work for a consultancy or a manufacturer, nor is he a sole proprietor. He works for Acuity, an insurer based in Sheboygan, Wis.
Most if not all manufacturers, including metal fabricators, need some insurance products like property and workers’ compensation as well as product liability. Some operations might qualify for other products, like errors and omissions policies and even insurance products covering equipment breakdowns. And as more manufacturers adopt businesswide software systems and connected machinery (Industry 4.0), they might also consider cybersecurity insurance.
“Today I would recommend some type of cybersecurity insurance to any manufacturer with connected systems,” Schlagenhaufer said.