Product Recall Insurance
Our Product Recall Insurance provides financial protection against product recalls and helps you maintain operational continuity and customer confidence, whilst being safeguarded against financial loss.
What is Product Recall Insurance?
Our Product Recall Insurance covers your business from any first and third-party losses that are contaminated or recalled products. A product recall insurance claim may also be triggered by property damage or actual or imminent bodily injury.
Who we cover
Product Recall Insurance is essential for manufacturers, distributors, and retailers of consumer goods, food and beverages, pharmaceuticals, automotive parts, electronics, and other products that could pose a risk to consumer safety if found defective or contaminated.
Why choose us
Our Product Recall Insurance coverage includes a range of expenses associated with recalling a defective or contaminated product from the market. This includes notifying customers, shipping products, and disposing of recalled products. We also ensure that business interruption losses due to halted production is covered.
Product Recall Insurance FAQ’s
In the event of a product recall, businesses should immediately notify their insurance provider, activate their recall plan, and communicate promptly with customers and regulatory bodies. It’s important to manage the recall process efficiently to minimise disruption and maintain customer trust.
Businesses can lower their insurance costs by implementing stringent quality control measures, maintaining comprehensive records of product testing and safety procedures, conducting regular audits, and having effective recall plans in place.
The cost of Product Recall Insurance depends on various factors, including the type of products, the volume of production, the company’s recall history, the risk management practices in place, and the markets in which the products are sold.