All About Product Recall Insurance

Date: Nov 6, 2019
By: Basi Insurance
In: , , ,

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:

  • Government Recall

  • Accidental Contamination

  • Intentionally impaired ingredients

  • Malicious product tampering

  • Product refusal coverage

  • Third-Party Liability

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

 

Recent Posts

We want you to know how to protect yourself, your family, and your businesses. Follow our blog for helpful tips, industry news, insight into current events, and more.

All About Product Recall Insurance

WHAT IS PRODUCT RECALL INSURANCE? Product Recall Insurance covers the majority of expenses associated with ...
Doctor with patient

Covered CA Announces Big Changes for Coming Year – 2020

Covered CA Logo Another  year, another open enrollment for health insurance. Big changes expected to ...
Farm Equipment in field

Is your Labor Contractor an Employee?

The California Supreme Court has issued a major decision that dramatically restricts the ability of ...