Consumer Packaged Goods
We specialize in providing best-in-class coverage for better-for-you food, beverage, and cosmetic companies. Just as you are providing refreshing, healthy, and forward-thinking products, we are refreshing the client experience for business insurance.
What are the biggest risks facing CPG companies?
The biggest concerns food, beverage, and cosmetic companies face is how will my product damage something or harm someone? What if we need to recall our products? Whether it’s a bad skin reaction to your natural makeup line, a chipped tooth from biting into your snack bar, or a cut finger from opening your canned CBD cold brew coffee, having the right insurance to cover your product is key.
Product liability protects you against claims of bodily injury or property damage caused by your covered products. Products that may be contaminated or defective need to be taken off the shelves and removed from the market. While Product Liability covers the bodily injury or property damage caused by the defective product, Product Recall policies pay for your costs incurred to pull your products from the shelves, destroy, and replace.
Most recall policies also include things like cost of investigation, public relations, and loss of business income. Recall policies are not standardized, which means that the policies can be very broad or very narrow, and your best bet is to work with an insurance broker that knows this area well.
Insurance policies for CPG companies to consider
- Product Liability
- Product Recall
- Directors & Officers Liability (D&O)
- Employment Practices Liability (EPLI)
- Fiduciary Liability
- Cyber Liability (Network Security & Privacy Liability)
- Cargo / Stock Throughput
- Auto Liability (Owned and Non-Owned & Hired)
- Umbrella Liability
- Employee Crime (also known as Fidelity)
- Workers Compensation