Why buy Recall Insurance?

Product recalls are not the most common of claims but the financial impact can be severe. Regardless of how good a client's procedures and testing may be, all it takes in many instances is for one employee to have a lapse in concentration and suddenly an incident has occurred. This one mistake can often lead to substantial loss.

Not all incidents are unintentional or accidental. Recalls can also occur because of malicious tampering. There are many high profile cases of products being tampered with on the shelves. However,  of even more concern for companies should be "internal tamper" on the production line. These tampers do not always receive the same publicity but can have an extreme impact on a company. In most of these cases the procedures and controls a client has in place will have little or no impact on the likelihood of a tamper, because it is wilful action rather than accident which causes it. 

Below are some actual examples of the potential financial impact of an incident:

Pre-prepared meals                                                                          Client’s turnover             $12m                                                                      Size of product recall claim    A$1.4m

Beverage                                                                                           Client’s turnover                    A$ 9m                                                            Size of product recall claim      A$ 1m

Snack Food                                                                                       Client’s turnover                   A$ 6m                                                             Size of product recall claim    A$ 250k

Dessert                                                                                              Client’s turnover                   A$ .5m                                                              Size of product recall claim    A$ 100k 

Latest News

CPR Insurance Services Awarded Authorised Representative Insurance Business of the Year for 2019

Mandy and Robert Cooper were proud to receive the inaugural Authorised Representative Business of the Year from ANZIIF in the Australian Insurance Industry Awards for 2019.

We share this award with all our staff, Lauren, Guy and Sarah and thank them for their dedication in providing the best possible customer service. We also thank our clients who have made our business what it is today. We thank you all so much.

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Finalist in the Insurance Industry Awards

We were pleased to be advised this week that we are a finalist in the Australian Insurance Industry Awards in the category of Most Outstanding Authorised Representative Business for 2019.

Our company very much appreciates the accolade and just being nominated is prestigious to us. The awards ceremony is in August and we will see how we go, but being in the Top 4 is a credit to our team who have worked tremendously hard in the last eight years.

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