Product Recall Insurance is intended for manufacturers, wholesalers, retailers or distributors of products and component parts. In recent times we have seen a series of product recall scandals involving contaminated food and toxic materials in childrens toys.
Product Recall Insurance (also known as product contamination insurance) covers the cost of recalling a product that has a dangerous defect, has been maliciously tampered with or is subject to malicious threats of contamination.
The cost to your business should you be compelled to recall a dangerous product can be vast. A comprehensive product recall policy will cover the costs of recalling the product (including from down the supply chain), replacing the product, lost profit, public relations and brand rehabilitation - all coordinated by a disaster management specialist.
The cost of recalling the product may not be as devastating to your company as the subsequent publicity. A company's brand and reputation are valuable assets, yet they can easily be destroyed if a crisis is not managed properly - product recall insurance could save your business.
Product recall or contamination will only work if the product is potentially dangerous. If it is just faulty you will need product guarantee insurance.
If you would like independent advice on Product Recall insurance please contact us by phone on 01905 21681 or by email.
Act now! Call us on 01905 21681 to get your insurance needs met