Product Liability Insurance
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As a result, having insurance may be necessary whether you’re a manufacturer, a supplier, or a retailer when you start supplying, manufacturing, or selling to the general public.
You will require different amounts of product liability insurance, subject to the type of product and how large any compensation claims could be.
When deciding how much product liability insurance you need, consider the potential compensation in case your product harms a customer or their property. If your clients have contracts, review them to ascertain if you are required to have public liability or product liability insurance.
You might have to pay for property repairs and replacements, as well as lost wages and medical expenses if someone is injured when filing a claim.
A public liability insurance policy will cover the costs of legal fees, compensation, and other expenses associated with a public liability claim arising from your business activities.
Product liability insurance covers claims caused by a defective product just like general liability insurance, which means it covers claims for injuries, illnesses, or property damage caused by your company’s design, manufacture, repair, maintenance, or sale. The product liability included in a general liability policy offers an additional layer of protection. Although they cover different topics, these articles are related.
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