Costs from a product recall or contamination can easily cripple even the most conscientious organizations. Western Growers Insurance Services is working hard to reduce the exposure of your brand and balance sheet to losses due to a contamination event.
With the significant increase in product recalls (especially in the food industry) in the past few years, the need for recall and contamination coverage has never been greater—and we understand that. We recently rolled out the Western Growers Contaminated Product Program (WGCPP) to help agribusiness and food clients mitigate the detrimental effects of a recall.
We’ve designed the program to make it a fully customizable, three-stage approach to managing all risk related to a recall. Our WGIS experts will guide you in:
1. Understanding the true cost of a recall. The program helps you recognize which costs are associated with a recall and how to quantify exposures.
2. Managing economic risk. WGIS helps you prepare, respond and recover, and protects from financial losses.
3. Planning for financial recovery. We are committed to assisting you in identifying specific opportunities to recover expenses related to a recall.
Backed by WGIS’ access to global markets, WGCPP leverages a proprietary approach unique to agriculture. Clients will receive comprehensive consultation to assist in the prevention of recalls, mitigate exposure and expertly navigate through any recall-related event.
Since we focus exclusively on food and ag companies, we understand the importance of developing a solution that fits the individual needs of each and every company. The risks are individually underwritten, and pricing is different for each commodity. One of the reasons we were successful in building this was the broad base of agricultural commodities we represent.
Our new program is the third part of our recently implemented WESTERN GROWERS SHIELD™, an ag-industry specific insurance solution that protects members from cargo, contamination, recall and non-physical damage loss of income. We now offer ag-exclusive insurance options from multiple carriers across the global market and give you the opportunity to tap into international offices and subject matter experts.
WGCPP is our latest product evolution, bringing together the whole of our experience and connections with industry partners around the world to deliver a comprehensive product recall management solution—designed specifically for you! To take the next step in shielding your business from the vulnerabilities inherent in product recalls, feel free to reach out to me or one of our WGIS associates at 800.3334WGA or www.wgis.com.