Product liability insurance covers losses related to a product or injuries incurred by someone as the result of a defect or malfunction with the product.
The 3 main types of product liability insurance claims are for
flaws stemming from the manufacture of the product, design defects, or incomplete or incorrect instructions or warnings.
Contrary to what many people believe, it is not just the manufacturer of a product who can be liable for product safety claims related to that product.
Whether you are a manufacturer, distributor, installer, or importer churning out thousands of products items routinely; the need for product liability insurance is a definitive aspect of doing business.
Product liability insurance is the blanket policy that protects your company against claims made against your firm for the products you make.
This can be a business-saving solution when a consumer has levied a claim against you for a defective or faulty product and you are potentially facing hefty lawsuit fees and settlements.
Product liability insurance is a required part of a business, no matter how large or how small your operations are.
Far too many companies who resell products, whether it be wholesale or retail, forget or don’t know that they should also have product liability insurance. Don’t wait, get coverage today so you can know that your business is protected.