Risk Insight- Are you prepared for a product recall?
Following on from our recent workshop with Willis Insurance, here's a look at what can happen when a product recall is needed, if this happens your firm, are you ready?
Despite the frequency and high costs of a recall, most companies don’t adequately plan, prepare, practise for or buy insurance against product recall events. In addition to proper insurance covers, careful planning is essential in managing the risk of a recall.
It is a common misconception that product recalls are always covered under general or product liability policies.
Read the report below, and if you want to know more, please contact Andrew Galway at Willis on 028 9032 9042 or visit the Willis Website