We are committed to increasing the value of ReposiTrak for our users. We firmly believe that better compliance and visibility means lower risk. Lower risk means lower premiums making ReposiTrak cost neutral for some customers. When is the last time you reviewed your current policies? We believe we can help reduce your costs AND your risk.
Risk Exposure: Three Most Likely Gaps in Your Coverage
General liability, product liability, umbrella liability and property policies DO NOT cover many of the expenses incurred during a recall event such as crisis consultants, media costs, contaminated product replacement costs, staff overtime, customer loss-of-income, transportation costs, rehabilitation costs, etc. Only contaminated product insurance (CPI) will respond to these types of losses incurred by you and by your customers.
Upstream Vendor Supply Agreements
Although retailers and wholesalers are attempting to transfer risk to their suppliers through vendor supply agreements, it is important to use similar strategies with the sub-contractors from whom you source products (suppliers, co-packers, warehouse men, logistics firms, and others). You should require proof of financial ability to pay costs of potential losses, as well as insurance protection naming your company as additional insured. Ask Leavitt Group to review these insurance policies as part of the risk analysis assessment service that they offer at no cost.
Adequate Policy Sub-limits
Don’t be fooled into thinking that the coverage limit shown on your policy is the amount that will be paid following a covered loss. Most policies have sub-limits which restrict the amount of coverage for certain items as shown in the policy. Sub-limits do not provide extra coverage, but set a lower limit than the original policy limit to cover specified losses. It is important that your policies are carefully tailored to respond to the risk profile of your company and the requirements of your customers.
We’ve Brought in the Industry’s Best to Help
Earlier this year, we partnered with Leavitt Group, on of the largest privately-held, independent insurance brokerages in the United States. We believe Leavitt Group is the ideal partner to advise our customers due to its food supply chain expertise, nationwide footprint, underwriting authority granted by Lloyd’s of London, and ability to work with and influence insurers.
Use of ReposiTrak Will Likely Lower Your Premiums
Technical information collected by ReposiTrak can be used, with permission, to supplement loss control and safety information useful to insurance underwriters. Access to this information could effectively lower a user’s risk profile to qualify for lower insurance rates.
A Free, No Obligation Review of Your Current Policies
Any ReposiTrak customer can take advantage of Leavitt Group’s insurance advisory service to complete a thorough review and audit of risk exposures and insurance coverage. Leavitt Group is happy to share their findings with you so you can eliminate any gaps and reduce your risk.