As discussed on our Product Liability Insurance page, such insurance covers goods that you make available to the public directly or indirectly for consumption of use. Availability of products could be defined through manufacturing, sales and/or distribution. While product liability law might be confusing for many, it is necessary to understand that business entities such as manufacturers, retailers, distributors and suppliers can be found liable for personal injuries caused by the products they distribute. Product liability claims can include complaints about manufacturing flaws, design defect or defective instructions.
It is crucial to keep in mind that there is no question that you are legally exposed for any damage caused by your products. Minimizing the risk attached to product liability requires you to consider a product liability management plan that is built around a product liability insurance. Your plan should assess the risks attached to your products liability as you work on putting together strategies to reduce and eliminate such risks. You may want to consider putting together a quality assurance program and maintaining an accurate log throughout all of your processes.
The cost of your product liability insurance can vary greatly and is usually determined by many factors including product/products, sales volume and more. For more information on product liability premiums, click HERE. As for coverage, product liability policies include medical costs, legal fees and awarded damages.
For additional information regarding product liability insurance, contact Peter at 888-725-7776 or click here.