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Product recalls are costing companies and insurers billions, and the numbers are expected to increase.

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Companies typically face a wide range of expenses in the event of a recall. Primary costs include notifying customers, which could involve placing advertisements or sending letters, and shipping for recalled items and replacement products. (Credit: YouTube)

Peloton recently announced that it is recalling the pedals on 27,000 indoor stationary bikes after receiving reports of 16 injuries and 120 pedal breakages.

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