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NEW COLUMN: THE 'INS' AND 'OUTS' OF LIABILITY INSURANCE
What Types of Insurance Does the Food Entrepreneur Need? -
Insurance is a fact of life for all business.
To understand the scope of this requires knowledge of how much insurance is needed, the extent to which I am exposed, and how my risk might be effectively managed? In fact, one of the most important tools in reducing both insurance costs and frequency of claims is Risk Management.
Our goal is to help you develop a Total Risk Management strategy. In this issue of FE we will be discussing Minimizing Products Liability Risks. Future issues will discuss Management Responsibilities, Product Recall Management, Minimizing Workers Compensation Risks, Minimizing Property Risks and Minimizing Automobile Risks.
Minimizing Product Liability Risks - The keys to good product loss prevention include thoughtful design; testing; accurate and easy-to-find recordkeeping; realistic assessment of the hazard potential; customer education and information; product marking and identification; and well thought out recall procedures. Good companies will have an organized way of documenting, investigating, and following up on customer complaints, no matter how trivial they may appear.
Remember, your “product” includes the following:
· The physical product
· Advertising claims
· Instructions for Use
· Shipping package
· Display package
· Labels, warnings and other on-product messages.
Click here to learn more about good product liability risk management programs and what they need to include.
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Quick Links...
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Dear Stephen,
Welcome to the 7th issue of Food Entrepreneur eZine. Our DISCUSSION FORUM continues to be the place for your questions or comments about specialty food marketing. Just click here and make your statement or ask your question. Then share with us your challenges and accomplishments in specialty food marketing.
Our Vision: Future issues of FE will have guest advisors, key links, and experts in specialty food marketing with whom you can communicate your interests and concerns about your favorite topic. Please let us know how we are doing.
In this issue:
1. Do you really need liability insurance? And, if so, what type and how much coverage is best for you? I am pleased to introduce you to Insurance expert Rochelle Brotter. Her first article appears to the left. Subsequent articles will be published in future issues of FE.
2. "Notes and Comment."
3. "Food Label News" - The latest in label news from Food Consulting Company's Karen Duster. See also Julie Bush's "Label Basics," below.
We invite and welcome your comments. Let's work together to learn ways of succeeding in specialty food marketing. Stay tuned.
Wishing you great profits!
Steve
Stephen F. Hall
Author, "From Kitchen to Market"
Editor, Food Entrepreneur eZine
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· NOTES AND COMMENT |
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1. Coming Up in Future Issues of Food Entrepreneur Ezine:
- Features Versus Benefits. "What's the difference?" Remember: The Feature is that it tastes great - the Benefit is that it refreshes.
- Is The Internet a Good Way to Market Your Products? After speeding past the $100-billion mark just three years ago, online sales are forecasted to top $200 billion this year, according to The 2006 State of Retailing Online. The ninth annual Shop.org study conducted by Forrester Research, Inc. surveyed 174 retailers who believe 2006 online sales will rise 20 percent to $211.4 billion. Sales of retail-packed food will reach $_______________
- The Organic Food Trade - How to promote via trade media and trade shows
- "Minority certified." Many so-designated firms can get an edge. What does this mean to you?
- Food Incubators - How They Work. A description of Oregon State University's Food Innovation Center.
Click on the email address below left [steve@specialtyfoodresource.com] to let us know what other areas you would like us to address.
2. NASFT Announces New President - The NASFT's new President is Ann G. Daw, a distinguished executive with 27 years of international business and marketing experience with Kraft and Philip Morris. She is a sought-after consultant focusing on business strategies and domestic and international brand building. Retiring NASFT President John Roberts said, “We are extremely pleased to have Ann on board. Her experience is a great fit with the strategic goals of the NASFT."
3. Industry Leader Steps Down - Dan Cohen, Vice President of Clearbrook Farms/Cincinnati Preserving Company, in Sharonville, Ohio, will step down from the NASFT Board after the 52nd Summer Fancy Food Show®, scheduled from July 9 – 11 in New York City. Seventy guests gathered in Chicago on May 8 to honor his 18 years of dedication and service to the industry. |
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· FOOD LABEL NEWS |
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Click here to view the latest in label news from Food Consulting Company's Karen Duster.
Also, please see the article below about label basics. |
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· SPECIALTY FOOD RESOURCE AT YOUR FINGERTIPS |
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Our extensive resource listing is "in the repair shop" for the timebeing. It will be up and running within the week. Please stay tuned.... [In the meantime, you may ask for a downloadable file containing many of these resources. Just email us.] |
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Visit our free resource center |
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· LABEL BASICS - THE SIX BIG FOOD LABELING REQUIREMENTS |
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Attention Food Entrepreneures: Does your food packaging meet the six big requirements outlined in the Federal Food, Drug and Cosmetics Act, the Fair Packaging and Labeling Act and the Food Allergen Labeling and Consumer Protection Act?
The nutrition analysis, labeling and marketing firm, On The Menu, LLC gets us up to speed on the requirements:
1. Statement of Identity
2. Net Quantity of Contents
3. Nutrition Labeling
4. Ingredient Statement
5. Allergen Declaration
6. Name and Place of Business of Manufacturer, Packer or Distributor. |
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Read on for a complete explanation of each of these requirements... |
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· The 4th Edition of From Kitchen to Market is Available! [4th Edition makes it a CLASSIC!] |
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“From Kitchen to Market is the best book about the U.S. specialty food field, and there is a great need you have so very well covered!" – Ted Koryn, U.S. specialty food industry pioneer.
The only book of its kind that outlines every food marketing opportunity and then supports entrepreneurial action with detailed guidance.
Please click here to see additional testimonials.
Other good books for small business management can be seen at Kaplan Publishing's web site: www.kaplan.com
Discount price: $19.11 [Cover Price is $28.95]
Purchase at Amazon |
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· Build and Manage Your Own Website! |
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If you can create a word document, you have the skills to create and manage your own website.
Try the SnapMonkey 10 day free trial. If you like it, you can activate your website for just $49, and $29.95/month.
Give it a try |
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· PRODUCT LIABILITY INSURANCE |
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The DeWitt Stern Group's Vice President Rochelle Brotter's article appears in this issue of FE. She and her colleagues will be happy to review the insurance needs of interested Food Entrepreneurs. The no cost review will include an assessment of your current insurance program. Feel free to contact Rochell or John DeFazio on 818/933-2737 or 818/623-5444. Email: rbrotter@dewittstern.com. The De Witt Stern Insurance Services of California, LLC. Click here for more information. |
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