Product liability insurance protects against financial loss as result of claims rising from use, handling or consumption of a product.
These claims are common lawsuits against manufacturers and distributors of products for damage caused to consumers by defective or substandard quality of the products.
Who can be liable? These are company who …
- Manufactured the product, or
- Imported the product, or
- Sold the product under its 'own brand'
- Retailer may sometimes be deemed to be liable.
Where are the potential claims? It may arise from defects in …
- Design
- Manufacturing
- Labelling & Warnings
- Warranties and packaging.
Other factors may cause your product to be open for liability claims such as
- Transportation & Storage
- Handling or
- Distribution
Product liability coverage includes Third party claims, bodily injury, property damage, personal injury, legal defence costs and more.
If you think that taking up a product liability is an additional cost … than think again.
What are the expenses that a company can incur in the event of claim?
- How much is the legal cost?
- How much compensation is enough?
- What is the impact on the company’s financial health?
Growing a Business Requires Taking Risks…
but Protecting your Liability is essential too…
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