As the owner of a business, you are liable for any products you manufacture or sell—and if somebody is hurt as a result of using the product, you may be at fault for the incident.
Product liability insurance protects businesses in the event that a product causes bodily harm or property damage. It can cover those who manufacture, distribute, sell, or repair products. It’s so important, that business partners throughout your supply chain may not work with you unless you can provide proof of adequate product liability insurance.
If your company manufactures or sells any kind of product, it is strongly recommended that you have some form of liability coverage. Even products that are widely regarded as 'safe' can malfunction in a way that causes harm to the user, and defending against a lawsuit is usually expensive enough that many companies (and claimants) prefer to simply settle out of court. Product liability insurance can reimburse you for expenses (including defense costs and settlements) that occurred during this process.
Product liability insurance mainly covers the legal obligations of a company. This may include payments like:
We can do that right over the phone for most risks: