Product recall insurance: Covers more than just product recall costs
Product recall insurance helps safeguard a business from the financial impact of a recall, specifically the first and third-party costs associated with identifying and addressing the issue, conducting the recall and keeping the business operational.
When considering product recall insurance, it’s important to remember that the cost of a recall includes much more than the cost of getting the goods
off shelves or back from customers.
Recalls of any kind can impact cash flow, squeezing a company’s ability to pay staff, purchase raw materials or even continue production. For some businesses, a product recall can present a true crisis.