If you make, sell or supply a physical product, then you may need a product liability insurance policy.
Product liability cover offers protection from claims for injury or damage to another person or their property due to a fault in the product made or supplied by your business.
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Table of Content
What is product liability insurance?
Product liability insurance offers your business financial protection in the event that you are the subject of a claim for compensation costs as a result of injury or damage caused by a faulty product that you have made, sold, or supplied.
It will usually cover the cost of the award for compensation, replacement or repair of any damaged property, legal fees as a result of defending the claim, and medical expenses incurred as a result of the injury or damage.
How is product liability insurance sold?
Product liability insurance is usually sold as part of a wider package of business insurance tailored to your business.
This can include commercial building insurance, cover for your contents or stock, business interruption cover, money cover, and liability insurance – public liability cover, product liability cover, and employers liability cover.
Business insurance for trades people usually includes product liability cover. If the result of your work causes injury or damage to a third party due to a faulty product or component, then you will be held liable and you will need product liability insurance cover.
What is product recall insurance?
Product recall insurance is similar to product liability insurance. It offers protection if, due to a safety concern, a product needs to be recalled.
Product recall insurance covers – advertising a recall, the collection and disposal of the recalled product, as well as replacement of the recalled items to the consumer. Usually, product recall affects food and beverage products, but not exclusively.
Contaminated products insurance is similar and covers food, beverages, and pharmaceutical, and cosmetics. Both insurances may also offer cover for pr and mitigating the effects of adverse publicity
Who needs product liability insurance?
Anyone involved anywhere in the supply chain of a physical product will need product liability insurance.
Wherever you are in the supply chain of a product, you can be liable if that product causes injury or damage to a third party or their property due to a defect and you will need product liability cover to protect you from a potential claim and legal costs in defending yourself.
If you are involved in manufacture, import, distribution, retail, service, repair, maintenance, or alteration of physical products or their component parts, then you will need product liability insurance cover.
What is the differences between product liability and public liability insurance?
Product liability insurance specifically offers protection against damage to property or injury to a third party caused by a product that you or your company manufactured, sold or supplied.
Whereas, public liability insurance offers protection against a claim or having to pay compensation for third party injury or property damage as a result of your business activities.
Product Liability Insurance Providers
Common Product Liability Claims
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