The Food Marketing Institute is partnering with an insurance brokerage on an insurance plan for grocers’ prepared foods programs.
RevenueShield, a collaboration between Arlington, Virginia-based FMI and Lone Tree, Colorado-based Berrian Insurance Group, is designed to protect grocers and their supply chain partners from food safety and product recall risks associated with fresh prepared foods programs.
“The expansion into these nontraditional revenue centers has resulted in significant sales growth, customer loyalty, and stronger brand awareness,” says Joel Berrian, co-owner of Berrian. “With that expansion comes additional risk, especially to a retailer’s brand reputation during an outbreak or recall event.”
RevenueShield, Berrian says, is the first insurance policy of its kind to address business income loss these risks. The program also provides crisis management and other tools to protect companies’ revenue in case of an outbreak or recall.
FMI chose to work with Berrian on the product because of the company’s experience working with food retailers and ability to tailor the program to FMI members’ needs, says Mark Baum, FMI’s chief collaboration officer and senior vice president of industry relations.
“FMI has been in front of industry trends and is constantly seeking new and innovative ways to assist members with their investments and enhanced emphasis on freshly prepared foods and private brand offerings,” Baum says.