Insurance News
It’s no secret that passwords have substantial monetary value to cybercriminals. The importance of using secure, unique passwords is growing as you entrust increasing amounts of personal information to organizations and businesses that can fall victim to data breaches and password leaks. Although there may be little you can do to prevent a large-scale data…
Concern for cybercrime has increased 62% in the past year. Over 41,600 incidents and 2,013 confirmed data breaches were investigated by Verizon and its partners in the past year. The numbers paint a dark picture of the growing threat to businesses of all sizes – concern for cybercrime has increased 62 percent in the past…
Product Recall Insurance is one of the most important insurance policies that companies who put products into the global stream of commerce should purchase. While most large organizations purchase the insurance, many other businesses do not. The risk of a product recall has increased exponentially. Stricter global regulatory standards have increased in number, and new…
It is essential to understand why recalls occur in an ideal world, every product that we build, buy, or own, would be perfect in every way. The reality, however, teaches us that while perfection is something to strive for in the marketplace, it is often something that is not always attained. While some may be…
We Already Have Coverage Under our General Liability Policy General Liability insurance is a third-party coverage, which typically does not provide coverage for product recall events. Product recall insurance is a first party coverage protecting the insured through reimbursement of financial loss and expenses (which are typically excluded on a general liability policy). Additionally, product…
The U.S. Department of Food & Agriculture Food Safety and Inspection Service protects the public’s health by ensuring the safety of meat, poultry and egg products. FSIS is part of a science-based national system to ensure food safety and food defense. FSIS ensures food safety through the authorities of the Federal Meat Inspection Act, the Poultry Products Inspection…
According to the FDA, nearly 30 product recalls occur every week in the U.S. on average. Recalling, replacing or destroying a consumer product can incur substantial long-term reputational and financial costs for your business. Not only that, news of a product recall spreads like wildfire on social media, so having a product recall policy with…
Most people would never consider opening a business without first purchasing property insurance to cover the cost to repair or replace a building or equipment that’s been damaged due to a covered peril. But too many business owners fail to think about how they would keep their business afloat if they were forced to temporarily…
Product liability If your company designs, manufactures, distributes or sells a physical product—anything from toys to building supplies to macaroni and cheese—you’ll want to strongly consider purchasing product liability coverage. This coverage helps provide financial protection in the event that the use of your product results in property damage, personal injury or death. Product liability…
Insurers are in the unique position of having encyclopedic information about the many different ways your business property could be damaged or destroyed, from fire and flooding to embezzlement. Property is also vulnerable as a result of a variety of other events such as electrical surges, accidental activation of a chemical sprinkler system or a…