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2022 is shaping up to be one of the most active years for product recalls in the last decade. The FDA is looking to increase its funding in 2023 to protect consumers. This article will discuss new initiatives and rules from the FDA and how you can help your clients that operate in any stage of the food production or distribution supply chain protect themselves from potentially catastrophic product recall losses.
Product recalls are one of the most damaging events a business may encounter. In order to effectively respond to an incident, companies must be prepared with proper risk management strategies. As policy wording varies, it's also critical to ensure your clients have the right policy type in place to appropriately address their first- and third-party exposures.
