The Food Marketing Institute (FMI) is partnering with a company 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.
“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 SVP 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 Ph.D., RD, chief food and product safety officer and SVP 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, added, “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.”