What is product recall insurance?
Product Withdrawal Insurance is a protection against costs incurred to withdraw goods/products from the market. So the main purpose of product recall insurance is to protect the company from financial losses. In general, Product Withdrawal Insurance is purchased by food, beverage, drug companies, etc., after the product/goods is released to the market. Due to government regulations and global regulations on products/goods that may pose a negative risk to safety and health, such as poisoning containing hazardous substances etc. then all these products must be withdrawn from the market. So Product Withdrawal Insurance is useful to cover all costs that will arise as a result of product recalls from the market which include shipping costs, warehouse costs, disposal costs, restocking costs etc.
So do you think it is necessary for every food, beverage and drug company to buy a product recall insurance policy?
Product Withdrawal Insurance is a protection against costs incurred to withdraw goods/products from the market. So the main purpose of product recall insurance is to protect the company from financial losses. In general, Product Withdrawal Insurance is purchased by food, beverage, drug companies, etc., after the product/goods is released to the market. Due to government regulations and global regulations on products/goods that may pose a negative risk to safety and health, such as poisoning containing hazardous substances etc. then all these products must be withdrawn from the market. So Product Withdrawal Insurance is useful to cover all costs that will arise as a result of product recalls from the market which include shipping costs, warehouse costs, disposal costs, restocking costs etc.
So do you think it is necessary for every food, beverage and drug company to buy a product recall insurance policy?
