If your products were recalled, would your business survive?
Any product can be recalled if found to be defective or dangerous infact, most governments have the power to compulsorily recall products even on a suspicion that the products pose a danger
The costs of identifying where products are, and recovering them from wholesalers, retailers and other links in the chain could result in enormous costs to you.- but, add to that the detrimental impact on your business and product reputation after having to run nationwide advertisements affectively declaring your product ‘dangerous’ – the long term affects could be huge.
Ordinary Product & Public Liability insurance won’t usually cover the costs of recalling a product so, if you’re a manufacturer, supplier, distributor, importer or exporter of any type of product, it’s imperative you give proper consideration to taking out Product Recall Insurance.
With Product Recall Insurance your recall costs are recoverable, and under some policies you could be entitled to advance payments to help you meet the costs of recalling the product; infact not only does product recall insurance cover the costs of recalling a product but, it can help mitigate a drop in sales, loss of customer confidence, loss of hard-won retail shelf space and loss of critical supply contracts.
Even if you are a tiny player operating in your spare time from home such as an e-space [eBay] seller distributing products over the worldwide web – the cost of recalling a product could bankrupt you.
RGIBís Product Recall Insurance division can help you secure the right Product Recall cover for
your specific needs
Product:- Manufactures ● Suppliers ● Distributors ● Importers & Exporters ● Cargo Insurance