Our risk management strategies help automotive companies drive continuous innovation, endure future challenges, and achieve ambitious growth objectives. We work alongside our clients to help extend your current insurance program's capabilities, optimize your risk spending, close coverage gaps, manage exposures, and find new growth opportunities. Our automotive risk management program offers comprehensive insurance management services to help your organization carry out its mission and mitigate the risk exposures your business experiences. Some of the critical challenges the automotive industry must address include the following:

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Property damage is a common insurance risk faced by the automotive industry. Property damage can include anything from minor scratches and dents to significant damage caused by a collision. Extreme weather events can also cause property damage to facilities, inventory, and client property. 

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Product liability risk arises when a product manufactured or sold by a company causes injury or damage to a third party. For example, if a car has a defective part that causes an accident, the company that made the part could be liable for the accident.

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Business interruption can arise when a business cannot operate due to an event such as a natural disaster. For example, if a hurricane destroys an automotive company's factory, it would not be able to produce cars and would lose revenue while repairs are being made.

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Supply chain disruption has a substantial impact on the automotive industry. If an automotive manufacturer’s parts supplier sustains physical damage at one of its locations, this would directly impact the auto manufacturer's flow of commerce. It could cause a substantial financial loss for the automotive manufacturer while the parts supplier’s property is being repaired.

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Cybersecurity breaches can result in the loss of confidential data, damage to a brand’s reputation, and loss of revenue. As more businesses store sensitive information electronically, they become prime targets for hackers looking to steal this data.

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Theft of vehicles and vehicle parts is one of the most common risks the automotive industry faces. Most vehicle thefts are of cars and trucks, but motorcycles, all-terrain vehicles (ATVs), and other vehicles also fall victim. The parts most commonly stolen from cars are radios, navigation systems, and catalytic converters.