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Lessons Learned from the Lululemon Recall

Lululemon’s Chief Product Officer, Sheree Waterson, recently announced she would be stepping down following the fallout from the yoga apparel company’s recall of some of its unintentionally see-through yoga pants. The popular piece of workout clothing makes up about 17% of all women’s yoga pants sold in Lululemon stores, and the company noted that the recall would “significantly hurt its financial results.” From the financial hit on earnings to the reputational damage to the brand to the forced departure of Sheree Waterson, Lululemon’s voluntary recall highlights the importance of thinking through and planning for potential risks, which means having a strategy in place for product recalls.

In the event of a recall situation for a popular product, it is important for companies to consider not just the day of the recall, but anticipate the processes and communications in the weeks following. Companies must have a complete plan of action for ensuring that the recall is effectively communicated to distributors and customers, the product is removed from shelves, and the potential varying ramifications—in this case, the decrease in quarterly sales for Lululemon and the exit of a top executive—from a voluntary recall are considered in the action plan.

As we’ve seen in recent news, it’s not an “if” but “when” a company faces a recall, and so being prepared for the outcome is imperative.

Even in a voluntary recall, the fallout that could occur is unclear and can be damaging.

The best way to navigate a voluntary product recall is to ensure that there is not only a process in place for the immediate actions, but also that there is a full plan to better alleviate and potentially avoid the multiple risks that might stem from it.

Lululemon’s recall highlights how proper preparation must address various scenarios and risks in order to avoid having a recall spiral out of control. In today’s market with global supply chains, companies face increasing uncertainties that make developing a recall management plan an even more pressing issue.

It is critical to not wait for a crisis to strike before developing a plan for such events, and instead build a plan now in order to best mitigate a product crisis.

What to Know About Small Business Liability Insurance

When it comes to your business, protecting the time and effort you’ve put forth is important. Business owners realize there are different areas where they may be at risk. Every small business owner should consider investing in liability insurance. A typical general liability insurance policy will only respond to a bodily injury, property damage, personal injury or advertising injury claim. You may need more than that, however.

What Type of Liability Insurance Do I Need?

Liability insurance can fall under different names depending on the industry you are in.

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If you’re at risk of being sued by a third party for negligence or misinformation that results in a significant damage or loss to a client or customer, you need some form of liability insurance.

  • Public: Some small businesses may not feel public liability insurance is worth the cost. However, if a claim were to take place, the out-of-pocket costs could be so damaging that your business can no longer operate. Public liability insurance can cover you in the event that your business is responsible, or is claimed to be responsible, when someone is physically injured, has property damaged, or both, at your place of business.
  • Product: If you manufacture or supply goods, you’ll want product liability insurance. This type of liability insurance covers your business in the event your product causes harm or injury to someone resulting from a manufacturing, marketing or design defect. You may not see a defect taking place, but it is better to be safe than sorry and plan in advance.
  • Professional: Technology firms and consultants need to consider a professional liability insurance policy. Covered incidents may include errors and omissions that result in the loss of client data, claims of non-performance and negligence leading to a loss of money, customers, etc.

What Should I Look For?

Now that you’ve determined which type of liability insurance you need, you’ve reached the even more difficult part of the process. From choosing the right provider to the right plan, it can be overwhelming. When investing in liability insurance, these are the steps you’ll want to take before buying.

  • Research business insurance providers. Look for online reviews and ask other businesses in your industry for recommendations.
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    Online research shouldn’t be your only source of information as reviews that rave about a product could be written by someone from the company, and a poor review could be authored by a competitor.

  • Compare pricing and coverage. Ask at least three different providers for quotes on a policy. Shopping around before your initial investment—and every few years after that—can result in better coverage for less.
  • Watch out for low ball quotes. Pricing should be fairly similar across all the providers you choose to compare. A quote that is significantly lower than the rest may be a result of less coverage, poor customer service or additional fees.
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  • Look for a provider and policy with scalability. While your business may only have potential risks in a few areas now, the future is undetermined. With expansion may come new risks and you want a policy you can adjust to meet those new needs.

When it comes to liability insurance, speak with an insurance provider who has worked with other small businesses similar to yours. Compare providers and discuss the areas where your business may be at risk both now and in the future to find a provider and policy that can meet those expectations. More than anything, you want to look into investing in liability insurance before an incident takes place to make sure you’re covered and your small business can continue to grow.

October Issue of Risk Management Now Online

The October issue of Risk Management magazine is now online. The cover story, “Immovable Objects,” focuses on how complacent boards of directors fear change, often retaining CEOs past the expiration date of their effectiveness. We also cover food safety in a feature by John Turner, North America product recall manager at XL Insurance. And, as is tradition with our October issue, we highlight cyberrisk, this time in a four-part feature covering cyberattacks and critical infrastructure, the military and its vulnerability to hacking, the cost of protection and a guide to selecting cyber insurance.

Our columns explore topics such as:

If you enjoy what you seen online, you can subscribe to the print edition to enjoy even more content.

Please let us know what you think in the comments below. And stay tuned to the blog for even more coverage in the future. Lastly, you can follow the magazine on Twitter“like” us on Facebook and join our LinkedIn group.

March Issue of Risk Management Now Online

Faithful readers: the March issue of Risk Management magazine is now online. The cover story focuses on five labs and research centers that make the world smarter, safer and more resilient. Other features explore the Consumer Product Safety Commission, greenhouse gas emissions and aircraft products liability and insurance.

Our columns explore topics such as the possibility of a California superstorm, how to evaluate absence policies, data privacy rules around the world and an engaging Q&A with Howard Kunreuther, director of the the Center for Risk Management and Decision Processes at the Wharton School.

If you enjoy what you seen online, you can subscribe to the print edition to enjoy even more content.

Please let us know what you think in the comments below. And stay tuned to the blog for even more coverage in the future. Lastly, you can follow the magazine on Twitter“like” us on Facebook and join our LinkedIn group.