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

Three Years running - Insurance Brokerage of the Year 1 to 5 staff

Mandy and Robert Cooper were extremely honoured and astounded to once again win, Insurance Brokerage of the Year for 2020 from Insurance Business Australia magazine. This is the third year running.

While this year has not been the easiest of years for the business with Covid 19, the Recession, the hard market and issues at Lloyds of London, we are literally all in this together as an Insurance Industry.

CPR Insurance Services continues to make our clients the number one focus of our business while managing our relationships with Insurers, who we need more than ever in this market climate.

CPR Insurance Services are a highly ethical Brokerage with a reputation as a trusted advisor who always acts in the Client's best interests. Their experience, knowledge and expertise is amongst the highest in the industry.

CPR Insurance Services is now ten years old as a business and is proud of being an Authorised Representative of Ausure and their partnership with Steadfast, giving CPR the strength and backing to match it with any Broking firm in the Insurance Industry, but remain focussed on supporting the Small to Medium business segment.

Memberships of the National Insurance Brokers Association, Australia and New Zealand Institute of Insurance and Finance, Australian Insurance Law Association, Australian Professional Indemnity Group and the Australian Institute of Company Directors, ensures CPR Insurance Services maintains the high standard of knowledge and expertise required to be one of the best Brokerages in Australia.

CPR Insurance Services also plays a strong role in their local community supporting other Sporting Clubs and Community organisations. They also support and promote local businesses with their operation of the Kedron Brook Business Group who meet regularly and has 174 members.

We are truly honoured to receive this National award once again for the third year as a recognition of CPR Insurance Services contribution.

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Finalist for QLD Broker of the Year

Robert Cooper was honoured to be nominated as a finalist for Queensland Insurance Broker of the year for 2020, as part of the National Insurance Brokers Association. Unfortunately he missed out on the ultimate award but is a reflection of the high standard that the industry now has for such awards.

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