Recent events in Australia prove the enormous value of Product Recall/Contamination Insurance.
Unfortunately, circumstances may arise that could significantly impact and threaten the viability of your business.
Sadly, many businesses do not have Product Contamination or Product Recall Insurance, and are leaving themselves exposed.
If you have to recall a product, there can be many unexpected costs.
Of course, it depends on the nature of the recall, your product, how many people may have been affected prior to the recall, how long the matter in relation to the product will last and other factors.
It may be straightforward and rectified quickly but it could also be a lengthy, drawn-out scenario resulting in brand and reputation damage along with financial losses.
We’ll take the time to understand your business well, assess the risks and put together a comprehensive cover that gives you confidence and comfort that you’re well protected.
Product Recall Insurance is recommended for most manufacturers, exporters, importers, including food and beverage companies, to cover the risk of financial losses associated with product tampering, contamination and defects.
While you are probably most familiar with food or pharmaceutical item recalls such as orange juice, bean sprouts, strawberries and paracetamol, there are many others that will also spring to mind including cars, airbags, electrical, clothing, toys, whitegoods and blenders.
Product Recall/Contamination Insurance is designed to cover your financial losses for the costs associated with having to take a product from the shelves and withdraw it from sale, temporarily or permanently.
The insurance may also extend to having to recover and rebuild your company’s reputation. This will involve crisis management expertise, marketing, advertising and public relations, which can all be costly.
As with all business insurance, each company has different requirements so we invite you to contact us so we can learn about your specific needs.