Why do I need product recall insurance?
In recent times we have seen a series of product recall scandals such as contaminated food and toxic materials in children’s toys. Product Recall 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 co-ordinated by a disaster management specialist.
Product recall, or contamination, will only work if the product is potentially dangerous. If it is just faulty you will need product guarantee insurance.
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