WHAT IS PRODUCT RECALL INSURANCE?
Product Recall Insurance covers the majority of expenses associated with the recall of a product from the general market.
Recall insurance reimburses the policyholder from financial losses incurred during the recall. These losses may include damage to the product, costs incurred from shipping, disposal and replacement of the product, as well potential losses of profit.
Product recalls are often devastatingly costly for businesses and manufacturers. Unfortunately, this coverage is greatly undersold, and most policyholders assume they are covered under their General Liability.
Check out some of the most expensive recalls in recent U.S. History here.
AVAILABLE COVERAGE OPTIONS MAY INCLUDE:
Intentionally impaired ingredients
Malicious product tampering
Product refusal coverage
A PRODUCT RECALL POLICY CAN HELP WITH:
The costs associated with the process of recalling your product
The costs incurred from the result of your product being refused
The loss of potential profits due to a recall incident
Third-party liability and loss of potential gross profits
If you’re a manufacturer of any kind of product – food, beverage, electronics or otherwise, talk to your agent to see if this optional coverage is right for you.
Don’t risk a recall putting you out of business. Reach out to an agent to discuss product recall insurance today: 209.847.3065