The ABC’s of Product Liability Insurance
The ABC’s of Product Liability Insurance
One of the most misunderstood loss prevention products for businesses is what is known as product liability insurance. For example, many believe product liability insurance is only for manufacturers of consumer products. That is just not the case.
Liability insurance can be defined as a form of business coverage that protects companies against the cost of a lawsuit brought against them should a product the company manufactured or sold causes harm in the form of an injury or property damage.
There are a multitude of examples of this ranging from food products to toys and electronics. We’ve all read stories of product liability claims including exploding batteries in cellphones and potentially cancer causing chemicals. Some claims have resulted in multi-million dollar settlements.
When someone files a lawsuit resulting from harm caused by a product, they often include other parties they see as culpable, beyond just the manufacturer. This, as mentioned in the definition above, could include those who sold the item. This means that businesses much smaller than the manufacturer can potentially be caught up in a product liability lawsuit. Even companies that install defective products can get caught up in legal claims and proceedings when those products cause injury or property damage to a consumer.
The good news is that most general liability policies for businesses include some provisions including a product liability endorsement to help provide coverage against these claims. It is companies that directly manufacture riskier products like chemical, drug or other medical-related products should consider a stand-alone policy.
If you have questions about your business insurance and whether you are adequately covered in the case of a product liability claim, contact one of our independent insurance agents. As independent agents, we are experienced and qualified to review the policies issued by any company. In addition, we have access to a variety of insurance companies who may be able to provide more extensive and potentially, more cost-effective plans. Connect with us to discuss your present coverage and your business. We look forward to assisting you.
Do you have questions about your insurance? Find an insurance agent near you with our Agent Finder
Search All Blogs
Read More Blogs
Unwrapping the Wiener: A Deep Dive into the History and Lore of the Hot Dog
Beyond the bun: Discover the surprising history, varieties, and enduring appeal of America’s favorite tubular treat.
The Untapped Power of Collaboration: Why Asking for Help Fuels Business Success
Stop going it alone! Discover how leveraging the expertise of others can relieve pressure and drive your business forward.
Navigating the Grandparenting Journey: Understanding Today’s Families
Grandparenting today: Learn key shifts in family dynamics to build stronger connections with your children and grandchildren.
Mapping Our Paths: The Fascinating Reasons Behind Our Road Networks
The story behind the asphalt: Explore the geographical, historical, and planning influences that shaped our modern road systems.
Neighborly Navigations: Resolving Disputes in Non-HOA Communities
No HOA, no problem? Learn how to navigate neighborly disputes effectively in communities without formal management.
Vintage Years of Vision: Four Times Hollywood Hit Cinematic Gold
Like fine wines, certain years in film history stand out for their exceptional quality and the enduring impact of the movies they produced. This article explores four such landmark years, presented chronologically, that many cinephiles consider to be among the greatest in cinematic history.
Green Means Growth: How Environmental Responsibility Can Boost Your Business
It might seem like a secondary concern when facing immediate business challenges, but embracing environmentally friendly practices can actually be a powerful strategy for improving sales, attracting top talent, strengthening your brand, and even saving money. This article explores the tangible benefits of going green for your company’s bottom line and long-term success.
The Forgotten Beauty: Unearthing the Story of the Volkswagen Karmann Ghia
Beyond the iconic Beetle and the groovy Microbus, Volkswagen produced a surprisingly elegant and often overlooked sports car: the Karmann Ghia. This article explores the history, design, and enduring appeal of this “poor man’s sportscar” that has become a sought-after collectible.
Peace of Mind at Home: Building Your Essential Supply Stockpile
Recent global events have highlighted the importance of being prepared for the unexpected. This article outlines key non-perishable food items and essential household supplies that every homeowner should keep on hand to ensure comfort, security, and resilience during unforeseen circumstances.
Faded Glory: Remembering the Sports That Once Ruled Our World
Remember when these sports were huge? Take a trip down memory lane with harness racing, bowling, boxing, and poker, and explore their shift in popularity.