Brexit, increasing legislation and the shortage of skilled labour are just a few challenges for the Food & Drink sector...
February 6, 2017
2017 could prove a challenging year for Food & Drink businesses in the UK. Although Brexit could be beneficial to exports, businesses in the sector are likely to see regulatory impacts and an increase in manufacturing and labour costs.
With fluctuating markets and rising inflation already impacting wholesale prices on branded products. There is also a growing shortage of skilled labour, as well as the need to raise wages to counteract increasing living costs.
These additional costs could see businesses cost-cutting in other areas which could result in an increase in product recalls, poor quality control and a lack of risk management planning.
Product recall is an expensive process for any business and there have been a number of high-profile companies recalling products due to, amongst other reasons, incorrect labelling. The recall costs, regulatory fines and potential claims costs can all add up, not to mention the reputational and brand damage for a business.
If you are a food & drink manufacturer, it is essential that you consider how you can mitigate such risks and ensure you have the relevant cover for your business. We understand the key risks for the Food & Drink sector and are able to arrange bespoke cover to fit your needs, including a Product Recall policy which also contains cover for malicious tampering.
Find out how we can arrange cost-effective cover for your business. Click here to complete our call-back form and we will call you at a time convenient to you.