The 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.
According to FMI officials, 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 regarding 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 aware-
ness,” says Joel Berrian, co-owner of Littleton, Colo.-based 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 manage-
ment needed to keep customers coming through the doors and a num-
ber of other factors that protect a revenue stream.”
Mark Baum, FMI chief collaboration officer and SVP of industry rela-
tions at the Arlington, Va.-based trade association says, “FMI has been in
front of industry trends and is constantly seeking new and innovative
ways to assist members with their investments and enhanced empha-
sis on freshly prepared foods and private
brand offerings. FMI has chosen to part-
ner with Berrian because of their exten-
sive knowledge and experience working with food retailers and their
ability to create insurance products and services specifically designed for
“The program provides retailers the opportunity to further enhance
their food safety programs by identifying and managing risks to reduce
the likelihood of a crisis occurring,” says Hilary Thesmar, PhD, RD, chief
food and product safety officer and SVP of food safety programs at FMI.