With millions of pounds of food recalled and millions of consumer product related injuries and illnesses reported each year – recalls may be more common than you think. Although recalls adversely impact your productivity, customer loyalty, and bottom line, whether your company recovers depends on how well you prepare. So what can you do to be prepared for this worst case scenario?
The best way to prepare is to integrate product safety into your research and development programs as well as your supply chain. Additionally, create a product recall plan that is understood and supported throughout all levels of the company, especially senior management – and make sure to exercise this plan through mock recalls. Proactively create media response templates and establish a relationship with a public relations and crisis communications firm to assist you. Lastly, talk to your broker about tailoring a product recall insurance solution for your business.
With a proactive approach, you can ensure that your business, workers, and customers are properly protected.