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26 Pallet C e nt ral • Janu a r y -Fe b r u a r y 2 0 24 protection. Collaborating with brokers to explore alternative risk management approaches and discuss any business changes is crucial amid limited insurance availability. Innovative insurance solutions like parametric policies could help mitigate costs by paying out after specific weather events, irrespective of actual damage sustained. Additionally, the nationwide labor shortage remains an issue. Despite automation touted as a solution, challenges persist, necessitating the push toward personalized benefits to help attract and retain talent. Data-driven benefits tailored to individual needs could enhance employee experiences and recruitment efforts, boosting engagement and retention. Moving beyond considerations for weather-related threats and supply chain disruptions, wood products businesses will need to factor in worker safety and training, property risk and maintenance, increased exposure to "nuclear" auto liability claims, and increased cyber exposure in their comprehensive risk management strategies. Analyzing loss trends to prevent large losses is another best practice. Wood products businesses, specifically the pallet business, must proactively address industry challenges via strategic planning and innovative risk management to thrive in the coming year. Implementing these practices will empower pallet and container manufacturers to navigate challenges and build a resilient, profitable future in a dynamic market. S trategies to Fortify Pallet Businesses in 2024: is coming year, wood products businesses face a host of challenges that demand proactive strategies for sustainability and growth. Rising costs, labor shortages, cybersecurity risks, and weather-related threats persist as significant hurdles impacting profitability and operational continuity. Cost escalation, driven by rising input costs and higher insurance premiums, exerts pressure on profit margins. e fallout from the pandemic and global conflicts has disrupted supply chains, resulting in substantial delays. Despite these challenges, the global wooden pallets market is expected to grow 4.5% from 2023 to 2030 due to the expansion of worldwide trade and a need for efficient logistics processes via durable, easily repairable, and reusable packaging. Wood products-specific insurances have become harder to secure and more expensive, leaving many without adequate Paul Quandt, CIC, CFPS, CLCS, Vice President, Hub International

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