Product Recall

Product Recall Insurance – What is it?

Product recalls continue to be a growing concern for manufacturers and consumers.Now there has never been a better time to consider product recall insurance. Can you afford not to cover yourself for this risk?

Product Recall Insurance can protect business from the devastating effects of such incidents by providing coverage for those expenses that occur before the product defect has resulted in damage to a third party.

 What can be covered?

The recall of your product in the market as a result of:

  • Defect
  • Government Recall
  • Malicious Product Tampering
  • Product Extortion

Given the cost of a recall can be incurred by the manufacturer and importer right through to the wholesaler, distributor, exporter or retailer, you need cover right across the supply chain.

Most traditional recall extensions do not provide cover for the major costs of a recall such as Business Interruption, Replacements Costs, Rehabilitation Expenses or Extortion. It has been the case that these extra covers can account for almost 65% of the total cost arising from a particular Product Recall.

The policy covers the key expense areas which arise following a recall including:

  • Business Interruption
  • Replacement Costs
  • Recall Costs
  • Consultants & Advisors Costs
  • Rehabilitation Expenses
  • Third Party Financial Loss
  • Extortion Costs

The policy also provides cover for the costs and expenses involved in engaging expert independent consultants & advisors who can assist in guiding the company through the critical first few weeks of an incident.

Examples of Product Recall situations

Recalls in the USA

Read our Product Recall FAQs

 Who can help?

An Insurance Broker who specialises in this cover can find the right Insurer for you with the most appropriate policy wording. An insurance broker's role is to act as your representative and work in your interests, seeking the best cover at the best price for you with their skill, market knowledge and experience. Call a good one.

Call CPR –Experts who will save you 

Latest News

Will you lose the value of a Broker?

If you listen to the Podcast on this link you will here Robert Cooper explain to his Accountant why Small Business stands to lose if Insurance Brokers are not there to advise start up businesses and established businesses about the risks their occupation carries and how they can deal with them. Simply because they will not want to pay the fees that would be charged. Currently instead, Insurance Companies pay the Broker after the Insurance has been placed with them. Perhaps the premiums will appear a bit cheaper in the first year? Then they will question the fees an Insurance Broker puts on top and finds they can go to the Internet and obtain the same cover at the same price. However, they will not have the constant advice and claims advocacy that comes with an Insurance Broker. The big loser is definitely the Consumer as direct insurers give absolutely no advice, only price.

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Robert Cooper - one of 100 faces of small business

This week it was announced as part of Small Business Week,  that Robert has been named one of the 100 faces of small business for a State Government promotion on the great value that small businesses play in the State of Queensland.

You can see Robert's entry here:

It is the third accolade for CPR Insurance Services in a month and after seven and a half years in business is a real pep up for the company.

For Robert, it is the culmination of many years experience, becoming well qualified, experiencing the highs and lows of a career and always wanting to contribute to his community. Sometimes, these things just come together and you receive recognition for your efforts.

Robert says that there is no doubt that starting your own business is a huge challenge, but with the right research and planning, the right people around you and a good set of values that you apply to the vision of the company, you have a very good chance of making it all succeed.

Robert says he is lucky. He has a strong supportive Wife, Mandy, who is also part of the business, along with efficient and hard working staff such as Julia McLauchlan and Aidan Harmer who are building up their own skills in a learning environment. 

However, the most important and most supportive people for CPR Insurance Services are our clients who have stuck by us and supported us over the past seven years. Our focus remains on providing the best possible service we can and always acting in their best interests. To all our clients, we say thank you!

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