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Insurance GlossaryCovers liability incurred by a manufacturer, importer, wholesaler, retailer or distributor because of injury or property damage resulting from the use of their product.
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The first step in managing the risk of product recalls is adequate advance planning. No amount of insurance can replace customer confidence lost due to poor planning and/or execution of a crisis and recall strategy.
If the public perceives that your products are unsafe or that you are more concerned with your bottom line than their safety, your business will be lost.
Media in the 21st century has expanded at an incredible pace and now more than ever, bad news travels fast. Managing the message and providing accurate and timely information will greatly enhance the retrieval process.
Together with an effective product recall plan, an appropriate crisis management plan should be in place for every company. The crisis management program goes beyond the recall plan and coordinates all activities associated with the crisis. The crisis management plan defines the crisis management team and their respective roles in responding to specific aspects of the crisis.
www.recalls.gov - Source for US Federal Government Recalls
www.fda.gov - US Food & Drug Administration
www.fsis.usda.gov - US Food Safety & Inspection Services
www.cpsc.gov - Consumer Products Safety Commission
www.nhtsa.dot.gov - National Highway Transportation Safety Administratio
www.epa.gov - Environmental Protection Agency