Several other industries have numerous product recall issues and a few of them – like the automotive industry – can have the costliest incidents. Thousands of consumers can be affected, and millions of dollars can be on the line. One notable incident was that of Toyota’s recall of millions of cars globally, which was estimated to cost the car giant around $2 billion.
If you’re in the business of manufacturing or retailing, you may be facing the same challenges, or you might foresee similar risks. You may want to protect your company with a general Michigan business insurance policy, but this may not be enough. You also want to consider getting a product recall policy.