Why Now? What Has Changed? RevenueShield® Protecting Members’ Brands and Balance Sheets
By: Mark Baum, Chief Collaboration Officer, Senior Vice President, Industry Relations, Food Marketing Institute
Why has FMI Introduced RevenueShield® at this Time?
Food retailing is undergoing disruptive transformation requiring fast response from those retailers, wholesalers and suppliers, aspiring to compete profitably on every level. This historically unprecedented environment is bringing with it new opportunities and challenges, creating novel, different and unfamiliar risks and exposures. Protecting FMI Members’ brands and balance sheets as they invest in new customer experience concepts is critically essential at this crucial time.
FMI has added RevenueShield® to our Member Plus Program to assist members and associate members address these unconventional challenges and exposures. A unique program created exclusively for food retail, RevenueShield provides industry expertise, to assist your understanding of the unfamiliar exposures, and innovatively designed insurance products, which can protect your reputation, market position and concept investment when a crisis hits.
Launching a new customer concept without properly considering the novel risks and exposures is perilous. Understanding the unprecedented environment is critical to determining which customer experience concept to launch. Understanding the novel exposures created by your concept’s rollout, is vital to your success.
Why Partner with Berrian?
RevenueShield, created via FMI’s partnership with the Berrian Insurance Group, can provide decisive assistance to FMI Members and they are the right partner for us. RevenueShield provides members’ expertise, experience and innovative products to assist their successful handling of risk, particularly now, when the stakes are higher than ever. Berrian is a unique insurance brokerage boutique and a Leavitt Group company, which handles $3 billion in premium and among the top ten largest privately-owned brokerages in the nation.
What Makes RevenueShield Different?
Berrian has authored and copyrighted insurance policies and endorsements created exclusively for food retail. The intellectual property created by Berrian for retailers, distributors and suppliers is unparalleled. Berrian’s product solutions, including but not limited to, the Supermarket Contamination and Recall Insurance policy and Food Retail Contamination and Recall Insurance policy, which provide 17 coverages, as well as their Criminal Strict Liability endorsement cannot be offered by any other insurer or broker.
Can RevenueShield Reduce Insurance Costs?
To say that price is important to FMI Members is an enormous understatement. RevenueShield’s primary mandate is to provide members with essential insurance cost savings in addition to offering creatively innovative products. Berrian’s $70 million in-house facility provides direct market access, reducing intermediary fees and underwriting costs. Through their Food Retail Insurance Redesign ProgramTM, Berrian is able to create price savings and improve coverages.
Are Berrian’s Services Distinctive?
RevenueShield is supported by unmatched industry experience. Berrian’s insurance experts assisted 18 domestic and London insurers in drafting and developing their product contamination and product recall insurance policies. Berrian’s team has also handled hundreds of product recall claims and crisis matters. Additionally, Berrian’s, Food Retail Gap AnalysisTM, combines over 40 years of brokerage experience with uniquely keen industry insights. Berrian’s underwriting and claims teams are available 24/7. RevenueShield also utilizes Berrian’s Strategic Partner Network providing Members with services to enhance risk profiles and reduced premiums.
Does RevenueShield go Beyond Recall?
While RevenueShield’s initial focus is on product contamination and product recall risks and exposures, the program is designed to provide FMI Members a comprehensive program with a broad range of insurance products. Berrian has created exclusive partnerships with insurers that specialize in food retail’s risks and exposures. For example, a Berrian insurer partnership offers worksite or voluntary benefits products, which can save FMI Members up to 40 percent in cost reductions, and help reduce turnover costs. Additionally, RevenueShield offers basic insurance coverages like general liability, property and worldwide cargo; specialty lines like cyber and advertising liability; and a host of other commercial coverages like workers comp and fleet auto. RevenueShield can address all of your insurance needs.
Schedule Your Free Food Retail Gap Analysis
If you want to privately discuss your possible risk exposure, Berrian can assist you. Please contact Joe Jbermudez@big-ins.com or call 303-795-5831.
