Product recalls: A growing concern for manufacturers
From halting production to damaging your reputation and impacting your bottom line, a product recall can have long-lasting and costly consequences for your business. Having the right insurance coverage in place can help minimize the impact of a recall by covering the costs to investigate complaints, communicate the recall, collect, repair and dispose of the products, lost profit, legal fees and penalties. Learn more about how to prevent a product recall. 华体会 offers tailored product recall coverage for manufacturers, technology companies, retailers and more.
Related resources
Product recalls: A growing concern for manufacturers
From halting production to damaging your reputation and impacting your bottom line, a product recall can have long-lasting and costly consequences for your business. Having the right insurance coverage in place can help minimize the impact of a recall by covering the costs to investigate complaints, communicate the recall, collect, repair and dispose of the products, lost profit, legal fees and penalties. Learn more about how to prevent a product recall. 华体会 offers tailored product recall coverage for manufacturers, technology companies, retailers and more.
Related resources
Product recalls: A growing concern for manufacturers
From halting production to damaging your reputation and impacting your bottom line, a product recall can have long-lasting and costly consequences for your business. Having the right insurance coverage in place can help minimize the impact of a recall by covering the costs to investigate complaints, communicate the recall, collect, repair and dispose of the products, lost profit, legal fees and penalties. Learn more about how to prevent a product recall. 华体会 offers tailored product recall coverage for manufacturers, technology companies, retailers and more.
- Infographic transcript
-
Manufacturing product recalls by the numbers
- More than 1,500 total product recalls issued by U.S. federal agencies in 2019 -statista.com
- One recall can impact an entire supply chain
- 6 U.S. agencies monitor and recall products
- 33 separate recalls were issued for animal and veterinary products in 2019 -U.S. Food and Drug Administration
- $32+ million in civil penalties issued by the Consumer Product Safety Commission, 2018-2019 -Consumer Product Safety Commission
- 23 recalls issued for boating in 2019 -U.S. Coast Guard Boating Safety Division
- 11.5% increase in children's products recalls from 2018 to 2019 -Chicago Sun Times
- 10 product groups commonly recalled: autos, food, construction materials, electronics, medical devices, sports equipment, children's items, clothing, furniture, appliances
- 441.3 million medical device units recalled in 2019 -statista.com
- 53+ million vehicles impacted by recalled in 2019 -National Highway Traffic Safety Administration
- 17.1 million pounds of poultry recalled in 2019 -U.S. Department of Agriculture
This article is provided for informational purposes only and does not purport to address every possible legal obligation, hazard, code violation, loss potential or exception to good practice. 漏2020 华体会 Insurance Group. All Rights Reserved.
Related resources
Product recalls: A growing concern for manufacturers
From halting production to damaging your reputation and impacting your bottom line, a product recall can have long-lasting and costly consequences for your business. Having the right insurance coverage in place can help minimize the impact of a recall by covering the costs to investigate complaints, communicate the recall, collect, repair and dispose of the products, lost profit, legal fees and penalties. Learn more about how to prevent a product recall. 华体会 offers tailored product recall coverage for manufacturers, technology companies, retailers and more.