The reality is, like an ostrich, putting ones head in the ground when dealing with a product recall issue doesn’t make good business sense. Doing would position any company into receiving fines, federal sanctions as well as public scrutiny that would inevitably erode market share.
We don’t have to look further then Toyota when determining the magnitude of time and money when dealing with Product failure claims. The automotive division at Alliant stands poised to address the critical issues specialty equipment manufacturers, distributors and retailers face when preparing for and dealing with product failure which could result in the need to perform a product recall.
The fact remains, buying insurance for product liability is only one part of an effective transfer mechanism business owners should consider when protecting a companies balance sheet. The Specialty Equipment Insurance Alliance – SEIA team at Alliant delivers customized risk management services that support an effective and active quality assurance system that will minimize the effort and expense needed to reduce the costs associated product issues.
If you are interested in receiving information on 10 things any automotive company should know when dealing with a product claim, how the claims handling at Alliant differs from the competition or would like a quote for General Liability on your product, feel free to contact us by visiting www.seiainsurance.com or call toll free (800) 390-9099.
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