Product Recall Insurance

Are Your Clients Ready for a Product Recall?

April 24, 2019

By:
David Fiske, Senior Vice President
Lori Hunter, Executive Vice President

Are your clients expecting a product recall? Probably not. But if it happens, transparency, communication and staying positive are good first steps to take. Here is some valuable information to share with your clients:

Be transparent. In general, consumers are more willing to take an understanding road if a company is willing to be transparent regarding the situation. Demonstrating accountability, making a sincere effort to correct underlying issues and taking proactive measures moving forward will go a long way towards rebuilding consumer confidence.

Communicate. Designate a spokesperson to be the face and voice of your company. Be selective and choose someone of authority who feels comfortable speaking in public and who’s an ace at fielding tough questions. From press conferences to social media, having a consistent, single point of contact allows consumers to put a familiar face to the company and helps establish trust.

Stay positive. When acknowledging the situation, assure customers, employees and stakeholders that while incidents like this can happen, they are often isolated events that don’t signal the end of the company. Consider sharing your company’s track record of safety and discuss positive changes that will be made moving forward because of this occurrence. 

Accidents in business can happen. With the right product recall insurance and proactive recovery plan, you can quickly get back on the road to financial and reputational recuperation. 

For more information, please contact:
David Fiske at (312) 465-5305, dfiske@wwfi.com
Lori Hunter at (213) 236-4585, lhunter@wwfi.com

 

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