Food Product Recall Risk Transference
Food Product Recall Risk Transference
Quick Quiz: What do baby spinach, raw cashew pieces, barbecue sauce, fish batter mix, marzipan, ice cream, packaged salads, dried kiwi and mango and gourmet bread pudding have in common?
These products, and more importantly the businesses which manufacture and distribute them, have all experienced market recalls since January 1. We are only 75 days into this calendar year and there have already been 60 recalls.
While not every recall has caused bodily injury on the purchasing public, the impact of the recall is felt throughout the organization and industry. Without proper risk analysis and transference the fiscal impact could be extreme.
Since 2011 the Food and Drug Administration has used the Food Safety and Modernization Act (FSMA) as the guiding document in managing the US food industry. This document has revolutionized safety and compliance requirements. With a focus on compliance and documentation FSMA has developed into an effective but burdensome tool for the food industry.
With litigation and recalls now commonplace, it is critical for organizations to think through and plan for the “when” as opposed to the “if” of a recall. We can help.
Contact your KMRD Partners Customer Service Representative to determine how The Pennsylvania Compensation Rating Bureau calculates the premiums businesses pay for workers’ compensation insurance, and to discuss ways your company can potentially reduce its rate.
For more information on Products Recall, click here.
KMRD reduces the overall cost of risk for clients by producing a greater value for each insurance dollar spent, while utilizing an enterprise risk management approach to engineer the optimal solution. The firm’s diagnostic process is supported by its unique collaborative technology, KMRD XCHANGE ®
We are dedicated to anticipating risk and helping firms recover from unplanned events that wait on the other side of one minute from normal.
To identify and correct coverage and service gaps in your business insurance risk profiles contact us at contactus@kmrdpartners.com before one minute from normal strikes.
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