Is your processing plant ready for a food product recall?
With the staggering number of food product recalls trending upwards in Canada and the USA, it is likely that a food product recall event could hit your business – hard and fast. A product recall can affect a company’s financial stability and brand reputation. Food processors in BC are passionate about their products and do everything they can to protect the public, but with the globalization of supply chain and ongoing regulation updates, we encourage you to invest in learning how to ensure you have your business interests covered.
Why do I need food processors insurance for product recall?
Every food, beverage and nutraceuticals processors, wholesalers, and distributors have specific needs unique to their operations. But every manufacturing organization is vulnerable to product recalls. In addition to standard business insurance such as liability insurance it is important to obtain coverage for:
- Food product recall
- Contamination and infestation
- Consequential loss, which includes power failure that occurs off premises
- Negative publicity coverage and brand reputation injury
- Spoilage due to breakdown or failure of refrigeration, cooling or heating
- Business interruption for your losses if your supplier’s or customer’s
- Research and development interruption
- Environmental pollution liability
- Transportation floaters including reefer breakdown
- Delayed shipments
Risk management for food processors
Working with Reliance insurance we can help you keep up-to-date with the following:
- Important updates to Canadian and USA food regulators
- Import safety
- Enhanced partnerships with inspection agencies
- Risk transfer strategies
- Recall costs and insurance coverage
- Managing reputation and brand reputationIn addition, there are many other insurance coverages you may consider for your operation such as:
- Equipment breakdown insurance
- Liability insurance
- Employers’ liability insurance
- Cargo insuranceIt is not a matter of if, but when your organization may experience a food product recall.
Our risk management advisors can help address the complete list of risks facing food, beverage and nutraceuticals companies; making sure you have all the coverage you need to stay on track and deliver on your goals, as well as handle any worst-case scenarios