Whether a business manufactures component parts, distributes appliances, or sells food and beverages, it can be affected by a product recall. The need for product recall insurance has never been greater.
At Veracity Insurance Solutions, we are proud to provide businesses with comprehensive product recall insurance that can be customized to fit the needs of businesses in a variety of industries. Not only does Veracity provide financial protection that businesses need from product recalls, it also provides assistance in managing a recall and limiting the brand damage and adverse publicity a business might face as a result.
- Topical CBD
- CBD Supplements
- Sporting Goods
- Easy application
- Quick, 24-hour turnaround
- Premium starts at $250
- Policy limits range from $50,000–$2 million in coverage
- Standalone product (does not need to be sold with another policy)
- Expansive eligibility with hundreds of class codes
Why Product Recall Insurance?
In today’s world, product recall insurance is not just a good idea. It’s a necessity. Recalls can happen at any time and can be one of the most financially devastating events a business can experience. In fact, some businesses never recover from product recalls.
Perhaps the most famous recall in history occurred in 1982-1983 when Johnson & Johnson recalled Tylenol, its highest selling product, because someone had laced some of the pills with cyanide and seven people died. Over 31 million bottles of Tylenol were recalled, costing Johnson & Johnson more than $100 million. It was considered the first major product recall in the United States, but because of their amazing response and quick action, Johnson & Johnson quickly recovered from the event. Unfortunately, other businesses are not always so lucky.