Hello from all of the team at Ballarat Insurance Brokers,
Fortunately most businesses have the luxury of being able to re-perform works if needed without incurring significant costs. Some businesses; particularly manufacturers, wholesalers and even retailers are staring down the barrel of large expenses when having to recall a faulty product and replace it with sufficient goods. Even the cost of having to investigate a product that may have been tampered with can be not only costly through the process of recall; but the damage to a business’ reputation can be crippling.
If you’re a manufacturer, wholesaler and retailer or you have a client who is involved in such an operation please consider Product Recall and Tampering Insurance. You may even find that most retail chains may require it contractually in order for them to sell your’s or your client’s product.
Liberty Underwriting is one insurer that offers Product Recall Insurance and they issue a recall monitor regularly. Click on the below link and become familiar with the risk and how they’re traditionally handled.
Liberty UW Recall Monitor or refer to our information page – Product Recall and Tampering
Regards,
Luke Prato
m: 0438 999 388
e: luke@ballaratinsurancebrokers.com.au
