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Product Liability Insurance - What It Is?

Product liability insurance is specifically designed for professionals who supply products to either customers or the public in general. It protects in the event of claims against injury or damage caused due to the use of products offered by the business. By having product liability insurance in place, business owners can rest assured in case of legal compensations and court fees, if any.

Product liability disputes can prove to be a costly affair for any business, big or small. The Product Liability Insurance empowers businesses financially to defend themselves in court and pay compensation if required.

Why Product Liability Insurance Is Crucial?

Any business, big or small that provides either products or services to its customers, or the public is responsible for ensuring the highest quality and the safety of the product delivered.

Although the products or the services offered may seem to be relatively safe in nature, there may be occasions where damage or injuries can be caused the same, as absolute safety can never be ensured.

Such property damage or personal injury disputes can prove to be a costlier affair for the business. Therefore, Product Liability Insurance is considered crucial protection coverage for any business. It financially empowers them to defend themselves in court and pay compensation if required.

What Product Liability Insurance Covers?

Product Liability Insurance covers your business on the occasion of:

  • Product injuries related to the product suffered by bystanders.
  • Illnesses due to food or beverage products consumed.
  • Illnesses caused due to toxins found in products.
  • Property damage caused by defective products.
  • Casualty death caused due to your product.
  • Loss incurred due to products or services delivered.

However, it should be noted that Product Liability Insurance does not cover injuries caused to your employees while manufacturing the product. In addition to it, Product Liability Insurance will not cover the cost of recalling your product from the market.

Product Liability Insurance Costs

There are several factors, which should be taken into consideration while figuring out the cost of Product Liability Insurance. The companies that sell products with higher risk liabilities require to pay a higher product liability cost and vice versa.

Additionally, your company's size in terms of the revenue generated, and the employees onboard are some of the factors to be taken into consideration.

Why InsuRisk Insurance Broking Services?

At InsuRisk, we value the hard work you put towards your business, hence providing you with expert insurance advice and insurance broking services customized to meet your industry-specific requirements.

We go a step further to ensure a hassle-free claim at the time of liability and safeguard your business against all the odds.

Why Product Liability Insurance by InsuRisk?

InsuRisk makes availing Product Liability Insurance a whole lot easier. Our team of well-experienced insurance brokers understands your business requirements and offers you online insurance quotes. The Product Liability Insurance can be availed in no time with just a few clicks. Going further, the insurance can be renewed in a hassle-free manner. InsuRisk cares for your business, hence assists you in the event of a claim.

To avail, the Product Liability Insurance that is customized according to your business requirements, get in touch with our team of experienced insurance services brokers at InsuRisk and safeguard your business.