Groups Launch Innovative Insurance Program Designed for Food Retail
Food Marketing Institute (FMI) is now partnering to promote an insurance 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 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,” said Mark Baum, FMI chief collaboration officer and senior vice president of industry relations. “FMI has chosen to partner with Berrian because of their extensive knowledge and experience working with food retailers and their ability to create insurance products and services specifically designed for our members.”
“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 experience 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
Food Marketing Institute proudly advocates on behalf of the food retail industry. FMI’s U.S. members operate nearly 40,000 retail food stores and 25,000 pharmacies, representing a combined annual sales volume of almost $770 billion. Through programs in public affairs, food safety, research, education and industry relations, FMI offers resources and provides valuable benefits to more than 1,225 food retail and wholesale member companies in the United States and around the world. FMI membership covers the spectrum of diverse venues where food is sold, including single owner grocery stores, large multi-store supermarket chains and mixed retail stores. For more information, visit www.fmi.org and for information regarding the FMI foundation, visit www.fmifoundation.org.