Product liability covers goods that you make available to the public directly or indirectly for consumption or use. Throughout the distribution chain ; design, components, assembly, manufacturer, wholesaler, transporter, distributor and retailer have product liability risk. Product Liability Insurance provides your business with financial and legal cost protection.
Who should have Product Liability Insurance?
Product Liability Insurance policy’s will provide coverage against an accusation and potential claim resulting from damage to property or personal injury that your product caused. Additionally may provide coverage against unforeseen circumstances, such as defects in your products that may have not been identifiable. This coverage should be available even if your business is negligent, subject to certain policy exclusions like intentional acts and deliberate wrongdoing. Product liability coverage will take care of most judgments that could be entered against you up to the policy limit less any deductibles or retention requirements. Most importantly, should pay for defense costs of a suit against you.