If you make and/or sell products to other businesses or consumers, you may be held responsible for any injury or damage caused by those products. A defect or malfunction of the product you make or sell could cause bodily injury or damage to property. This is when product liability insurance will protect you against a lawsuit.
The most common types of product liability claims are:
Clearly any business manufacturing any kind of products for sale, such as food, hardware items, furniture, clothing, sporting equipment, etc., needs to be protected by product liability insurance. In addition, sellers including wholesalers and distributors also need to be protected from claims. Any vendor may be held liable or accountable for an injury to a product purchaser because they helped market the product to the end consumer.
Usually product liability coverage is included in most commercial general liability policies. The rates for product liability coverage will depend upon the nature of the products you make or sell. If you manufacture potentially hazardous products, you will likely have to obtain a specialized product liability policy. Some manufacturers choose to provide coverage for sellers of their products by adding this option to their own policy, reassuring their vendors of the integrity of their products.
For a no-obligation quote and to learn more about affordable customized protection for your business feel free to call Sean McNamara today at 1-800-731-2228 or email Sean at firstname.lastname@example.org.