Insurance Solutions for Product Recall, Product Contamination & Product Risk Mitigation
Product recall insurance is an essential form of protection for any business that manufactures or distributes products. It covers all of the costs associated with notifying customers, warehousing, and disposal of the recalled product.
The expense of recalling a product in most industries is devastating, as margins grow thinner as the competition goes up. As a result of improved product tracing methods, product recalls have been on the rise, so it is critical to get the right product recall insurance. Knowing that your insurance limit covers the costs of getting expertise, you can quickly resolve a consumer problem before it erodes public trust.
Protecting your reputation
If you do not have a process for handling product recalls, your brand perception can suffer. A recall is not just a matter of safety; it is also a matter of retaining trust. Customers are less likely to buy products from brands that they feel put their profits over their customers’ welfare.
Corporate reputation is one of the most valuable assets that a business can develop. When it comes to consumer protection, reputation is all that matters. The way your business handles a product recall can affect your bottom line in the long run, so keeping your consumers safe should be your number one concern.
The HWI team can help you create a tailored product that will enable you to keep communication lines open in the event of a product recall. Knowing that you are covered lets you engage media partners and answer questions posed by consumers, media, government agencies, and business partners to keep your reputation intact.