The costs incurred by a 3rd party to recall/withdraw your product.
With over 21 product recalls in Australia over the last two months alone, the importance of Product Recall insurance is ever growing.
Whether it be products like food, beverages, cosmetics, electrical equipment, pharmaceuticals, or household appliances the product recall process is extremely expensive, and can be highly damaging to even the largest companies.
A Product Recall Liability policy is there to cover you for the costs associated with a product recall:
- Cover for the cost of withdrawing products off shelves
- Cover for the cost of replacing the recalled product on shelves with ones that are deemed safe
- Cover for expert advice and assistance on managing your brand reputation in the public domain. Product recalls are increasingly receiving widespread media publicity.
Product Recall Liability will look to significantly reduce the impact a product recall can have on your organisation, empowering you to make decisions for the future of your business with greater confidence.