Given the recent strawberry and fresh food tampering incidents around Australia, the following insurance products could be considered if your business makes or retails products that can be contaminated:
Contaminated Products Insurance Policy
The financial impact of a product recall can be highly damaging. In many cases, product recall expenses are excluded under standard Product Liability Insurance policies and therefore little, if any, cover will be provided for any losses.
Your local Phoenix Insurance Broker can direct you to the right insurance policy which can offer you broader protection.
In addition, Contaminated Products Insurance policies can be varied to meet the specific needs of an organisation, including additional cover and limits to match exposures.
Retailers Withdrawal Endorsement Policy
Retailers who have experienced withdrawals from their shelves due to quality related issues should be aware that retailer withdrawals are not covered under Contaminated Products Insurance policies as the contamination of the product would not cause bodily injury if consumed.
Since retailers can incur significant costs for the withdrawal of their products from supermarket shelves, policies for Retailers Withdrawal Endorsement have been introduced.
Contact your local Phoenix Insurance Broker to find out more about either of these policies. Call us on 9367 7399 or email us on firstname.lastname@example.org
You might be very glad you did!