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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