The number of product recalls is increasing, which is no surprise considering the fact that product contamination has been front page news recently. This has meant that protecting your manufacturing, retail or distributing business against recalls of contaminated products is vital to preserve your brand image, and the financial losses associated with a product recall.
Case Study
Around 50,000 tonnes of meat products sold as beef which may contain horsemeat are being recalled.
Products such as frozen burgers, lasagne and spaghetti bolognaise sold by supermarkets including Tesco, Asda, Co-Op and Lidl have been recalled in order to conduct tests to try to determine to what extent, if any, horsemeat is contained in their products labelled as beef.
The Food Standards Agency (FSA) says 5,430 tests have been carried out in the UK so far, with 44 tests showing the presence of horsemeat. These 44 positive results relate to 17 different products, including Findus beef lasagne, which yielded at least 15 positive results.
Your company works hard to build a positive brand image, however a badly managed recall can have a catastrophic effect on this image and ruin years of effort.
Product safety and contamination insurance helps protect against a wide variety of risks;
- Accidental contamination
- Accidental defect
- Malicious product tamper
- Reputational damage
Designed for a wide range of businesses that manufacture, sell or distribute products that are ingestible (food and drink), or topical (medicine, creams etc), this type of insurance provides both protection and assistance against the economic damage caused by a product contamination.