Product recall insurance
It doesn’t matter what size your business is or how stringent your risk management programme, testing regime or preparedness is… you may still have a product recall.
Recalling a product is costly, time consuming and can damage your brand. How you handle the product recall will determine your brand reputation with suppliers and consumers, and possibly your commercial success as well.
The financial risks of a product recall
A product recall can cause extensive financial losses, including:
- Loss of your profit
- Cost of inspections, product disposal, travel and accommodation
- Third party costs (if your product formed part of a third party’s)
- Response team costs, e.g. consultations, recall plan, public relations
- Replacement costs
- Rehabilitation expenses to regain market share, lost contracts and damaged consumer confidence
Product recall insurance can help ensure your business survives a product recall. Crombie Lockwood can provide extensive consulting and guidance services that should be part of your risk management plan.
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