Businesses that manufacture products, or otherwise distribute and sell products to the general public need to protect themselves against potential future lawsuits by their customers. Those businesses need to maintain product liability insurance policies.
Product claims against companies could range from death or bodily injury done to a consumer by the product, to claims for damages done to a consumer’s property.
A business that is in any way involved in the process of getting a product into the hands of a consumer, no matter how seemingly remote the connection, is liable to be named in a lawsuit. One hefty judgment by a court in favor of a plaintiff may be enough to put a company that has insufficient product liability coverage out of business.
Product liability insurance protects a business against actual product defects, inadequate labeling (including inadequate labeling on how not to use the product), design flaws, and the like. Be sure to obtain a product liability policy that covers all of your potential costs: economic, statutory, and punitive damages.
All builders and general contractors should get builders risk insurance coverage regardless of which trade they are in. Whether they are home builders or commercial building contractors, a construction insurance policy can protect their interest and investments. Even with the necessary precautions and measures implemented, a construction site is still vulnerable to unforeseen risks and threats. Builders risk coverage will protect not only construction workers who sustain injuries due to unexpected circumstances, but also cover tool, materials, and equipment that get damaged or lost. Most insurance companies providing construction insurance cover theft, fire, accidents, and some natural disaster that might cause troubles in a construction site.
However, many builders hesitate to buy builders risk insurance policy because they think it will rip them off of thousands of dollars. Contrary to this, money savings are possible when you get construction insurance.
Here are four tips to help you save money:
- When getting a quote, never settle on the first policy offer you receive. Obtain multiple quotes so you have more options to examine and choose from. Three quotes will be enough to give you a clear picture of the costs involved in the purchase.
- Make sure to have a background check on the insurance provider you are offering you the quotes. Your coverage is useless if it doesn’t pay out when the need arises. Reputable insurance companies should have a strong financial stability and first-class customer service.
- Understand and study your policy and its coverage. Make sure you understand the fine print and purchase accordingly.
- Don’t unnecessarily overstate the values to insure in order not to have a significantly higher premium.
Builders Risk Insurance will protect you and your property while throughout construction. With this type of insurance, your investment will be protected and help the process of building your dream house or building doesn’t turn into a nightmare.