In today’s global marketplace, the risk of product recall has never been greater.
Increasing regulatory scrutiny, pressured margins, complex supply chains and changing technology can lead to an increase in the occurrence and severity of product recalls.
Some product defect risk can be mitigated using technology during production, but errors can affect even the most prestigious, global product manufacturers and brands.
Crisis planning and high-standard quality controls are key to mitigating the risk of product recall.
Insurance cannot replace effective business governance, but product recall insurance can support and complement an effective risk management strategy by minimising the financial repercussions of a product crisis and enabling brand recovery.