It can take years for a business to develop its brand but only moments for a reputation to be tarnished. A product recall can happen at any time and can be one of the most financially devastating occurrences that can happen to a company.
Whether a business manufactures component parts, is a distributor of appliances, or sell food and beverages, a company can be exposed to a product recall…even if the product has been discontinued for years. Brand and reputation management has never been more critical.
Veracity Insurance Solutions can help customize product recall coverages to fit the needs and obligations of many different businesses. Our product recall policy can help manage a recall, and assist in limiting brand damage and adverse publicity.
Veracity has the product recall coverages businesses need to protect their financial interests, and they are the solution for product recall insurance.
Program HighlightsGeneral Liability $1 Million Per Occurrence with $2 Million General Aggregate Excess/Umbrella - Limits up to $30 Million Available
Why Product Recall Insurance?
The most famous recall in history occurred in 1982-1983 when a pain relief medicine company recalled its highest selling product because someone had laced some of the pills with cyanide and seven people died. Over 31 million bottles of the product at a cost of over $100 million were recalled, and the recall was not even the fault of the company. According to The Christian Science Monitor, it was considered the first major product recall in the United States. Because of their amazing response and quick action, however, the company recovered quickly and the recall led to tamper-proof seals on medicine.