Mitigating Risk with Insurance
Taking advantage of the tools that ensure continuity and resilience for the longer term
Last of a five-part series
J. Paul Dittmann, Ph.D. | University of Tennessee
During the past few weeks, I’ve shared some insights from my recent research at the University of Tennessee on common risk management practices to identify, prioritize and mitigate supply chain risk.
Among the research findings, it was surprising to learn that insurance is simply not on the radar screen of supply chain professionals as a risk mitigation approach. Yet, when we discussed the usefulness of insurance with them in interviews, they quickly realized they missed a highly effective tool.
For this reason, today’s post will focus on the benefits of insurance and how it may be implemented, as we feel this is a significant missed opportunity for supply chain professionals.
Using Insurance to Mitigate Risk
Many supply chain professionals we talked to mentioned that they use carrier liability programs, thinking this is insurance. It is not.
Download the research for more on the differences between carrier liability and cargo insurance.
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