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Product Liability Insurance
What is Product Liability Insurance?
Product Liability Insurance is a type of business insurance that protects businesses from legal claims and financial losses resulting from defective products they manufacture, distribute, or sell. This insurance ensures that businesses can manage potential liabilities associated with their products, safeguarding their financial stability and reputation.
What does Product Liability Insurance cover?
Product liability insurance provides coverage for legal claims and financial losses that arise when a defective product causes bodily injury, property damage, or financial harm to customers or users. It provides coverage for legal defense, settlements, and related expenses.
Who needs Product Liability Insurance?
Any business that is involved in manufacturing, distributing, or selling physical products. This includes any entity within the product supply chain.
Types of Businesses that should consider product liability insurance:
Manufacturers: Businesses involved in designing, producing, or assembling products.
Distributors: Companies engaged in distributing products, whether wholesale or retail.
Wholesalers: Companies that sell products in bulk to retailers or other businesses.
Retailers/Ecommerce: Businesses that sell products directly to consumers. This includes physical storefronts, online retail sellers, private label sellers and/or selling on online marketplaces like Amazon or eBay.
Importers/Exporters: Companies importing products from foreign manufacturers or exporting products to other countries.
Commonly Asked Questions
Does general liability include product liability?
In most cases, general liability insurance does not include product liability coverage automatically. General liability insurance provides coverage for a range of general business risks....Read More
Does product liability insurance cover damages caused by defective products sold in the past?
The coverage provided by product liability insurance depends on the specific terms and conditions outlined in the policy. In most cases, product liability insurance covers damages caused by defective products sold....Read More
Is product recall insurance included in product liability insurance?
The coverage provided by product liability insurance depends on the specific terms and conditions outlined in the policy. In most cases, product liability insurance covers....Read More
What factors influence the cost of product liability insurance premiums?
One of the top priorities of every business is to protect it from potential risks and liabilities. Product liability insurance is a crucial component of your risk management strategy, providing coverage against legal claims and financial losses arising from defective products. However, there are certain factors that influence the cost....Read More
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