Why does a business need product recall insurance?

Product Recall Insurance is one of the most important insurance policies that companies who put products into the global stream of commerce should purchase. While most large organizations purchase the insurance, many other businesses do not. The risk of a product recall has increased exponentially. Stricter global regulatory standards have increased in number, and new…

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What type of factors can lead to a recall event?

It is essential to understand why recalls occur in an ideal world, every product that we build, buy, or own, would be perfect in every way. The reality, however, teaches us that while perfection is something to strive for in the marketplace, it is often something that is not always attained. While some may be…

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What are the common misconceptions about product recall coverage?

We Already Have Coverage Under our General Liability Policy General Liability insurance is a third-party coverage, which typically does not provide coverage for product recall events. Product recall insurance is a first party coverage protecting the insured through reimbursement of financial loss and expenses (which are typically excluded on a general liability policy). Additionally, product…

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IN: Disaster Preparedness For Your Business: Part 2

Dear Valued Customer, Today, more than ever, recalls affect nearly every industry, consumer, and market segment. Business owners are faced not only with the financial impact that a recall may generate, but also the challenge to preserve the good name and reputation of their company during and after a recall event. These ever-increasing recall trends…

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What Does a Businessowners Policy (BOP) Cover?

Insurance companies selling business insurance offer policies that combine protection from all major property and liability risks in one package. (They also sell coverages separately.) One package purchased by small and mid-sized businesses is the businessowners policy (BOP). Package policies are created for businesses that generally face the same kind and degree of risk. Larger…

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How Can I Disaster-Proof My Business?

Businesses that recover quickly are those that plan in advance. This involves not only purchasing the right insurance, but also developing and maintaining an adequate recovery plan. Minimize the risk of damage in advance of an emergency by: Training employees in fire safety, particularly those responsible for storage areas, housekeeping, maintenance and operations where open…

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Do I Need Business Interruption Insurance?

Business interruption insurance can be as vital to your survival as a business as fire insurance. Most people would never consider opening a business without buying insurance to cover damage due to fire and windstorms. But too many small business owners fail to think about how they would manage if a fire or other disaster…

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IN: What Does A Business Owners Policy Cover?

Dear Valued Customer, In this issue of “——————” we focus on Business Insurance. From Property to Liability, Business Vehicles to Workers Compensation, all businesses need to ensure they are covered for multiple issues and risks. Read on to find out about these issues in depth, and how to mitigate them. We appreciate your continued business and…

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