Product Recall
“Over the last 10 years the food and beverage industry suffered an average of 71 recall events in Australia (growing from 53 in 2010 to 87 in 2019).”Food Standards Australia
(The number of recalls coordinated by FSANZ each year)
In the face of increasingly more complicated product safety constraints, new challenges continue to emerge.
Furthermore, many Food and Beverage businesses simply don’t appreciate the impact that a product recall can have on even the most established brands. It can be devasting and, if not managed effectively, could likely result in major issues, including:
Damage to company brand and reputation
Temporary lost market share resulting from loss of customer confidence
Permanent loss of business as contracts are negotiated with an alternate supplier
Financial loss impacting the insured’s balance sheet
Should the unexpected eventuate, financial loss and hardship are risks that might have been easily managed with the right advice.
The right product recall solutions
Our Product Contamination Insurance provides a market leading combination of recall planning and preparation advice, broad coverage with post-loss crisis consultancy to help minimise the impact of a loss. Through appropriate risk assessment and effective management, @ Risk Underwriting can support Product Contamination Insurance with: