Groups Launch Innovative Insurance Program Designed for Food Retail
ARLINGTON, VA – Food Marketing Institute (FMI) is now partnering to promote aninsurance program, RevenueShield, to protect grocers and supply chain partners from potential new risks associated with managing retail fresh prepared food initiatives and private brand manufacturing. RevenueShield, has exclusive insurance policies authored and offered by Berrian Insurance Group, a Leavitt Group company.
Grocers and their supply chain partners are strategically positioning freshly prepared foods and private brand products, and their investment in these areas are growing profit centers. As some of the highest-performing segments in the food retail industry, the risk to a brand and balance sheet has consequently expanded, particularly with regard to product recalls and the potential for food safety risk.
“The expansion into these nontraditional revenue centers has resulted in significant sales growth, customer loyalty, and stronger brand awareness,” said Joel Berrian, co-owner of Berrian and a member of Leavitt Group’s Board of Directors. “With that expansion comes additional risk, especially to a retailer’s brand reputation during an outbreak or recall event. RevenueShield is the first of its kind to address business income loss from this type of risk, as well as the crisis management needed to keep customers coming through the doors and a number of other factors that protect a company’s revenue stream.”
“FMI Crisis Support expands the solutions available to FMI members under the new RevenueShield program,” said Hilary Thesmar PhD, RD, chief food and product safety officer and senior vice president of food safety programs at FMI. “The program provides retailers the opportunity to further enhance their food safety programs by identifying and managing risks in order to reduce the likelihood of a crisis occurring.”
Eric Leavitt, CEO of Leavitt Group said, “Our expertise and ability to provide innovative insurance solutions for food retail and manufacturing fits in nicely with FMI’s broad range of member services.”
About Berrian Insurance Group / Leavitt Group
Berrian Insurance Group is a Leavitt Group company, which places more than $3 billion in insurance premiums annually. They are ranked as one of the ten largest privately-held insurance brokerages in the nation. Berrian designs new insurance policies and coverage endorsements for food and beverage companies and offers access to exclusive programs. For more information, visit www.leavitt.com/berrian. CA License #: OE22557