Product Liability Insurance
Overview
Product liability insurance provides coverage for businesses against claims that a product they created, manufactured, distributed, or sold caused injury or property damage. This type of insurance is essential for protecting your business from financial losses due to lawsuits and other legal claims related to product defects.
Types of Coverage:
Design Defects: Covers claims arising from inherent flaws in the product design that make it unsafe.
Manufacturing Defects: Covers claims resulting from errors that occur during the manufacturing process, making the product unsafe.
Marketing Defects: Covers claims related to improper labeling, insufficient instructions, or failure to warn consumers about potential risks.
Factors Affecting Premiums:
Business Type: The nature of your business and the risks associated with your products can impact your insurance costs.
Location: Where your business operates can affect your premiums due to local regulations and risks.
Product Type: The complexity and potential hazards of your products can influence your premiums.
Claims History: A history of frequent claims can lead to higher premiums.
Coverage Amount: Higher coverage limits and lower deductibles will increase your premium.
How to Get a Quote: To get a quote for product liability insurance, please visit our business insurance quote form.