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Product Liability Insurance by Sarvey Insurance .

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Product Liability Insurance provided by Sarvey Insurance

You’re responsible for every product you make and sell as a business owner. If one of those products is faulty or causes some injury, your business could be held accountable for the consequences. Product liability insurance can help mitigate the losses from these types of situations.

What is Product Liability Insurance ?

product liability insuranceProduct liability insurance helps protect your business from claims that a product you made or sold caused bodily injury or property damage to someone else’s belongings. An insurance company may offer this coverage as a standalone policy, but we include it as part of your general liability insurance.

What Does Product Liability Insurance Cover?

Product liability insurance covers legal fees, medical costs and compensatory damages brought forth in third-party lawsuits. It covers problems caused by your product, such as:

  • Damages to someone’s property
  • Bodily injuries
  • Illness
  • Wrongful death

The types of defects covered by product liability insurance include:

  • Design defect. There was an error in the product’s design.
  • Manufacturing defect. There was a flaw in the manufacturing of the product.
  • Marketing defect. The marketing of the product had an error, such as not providing the proper instructions.
  • Improper warning. There isn’t enough warning on proper use of the product.
  • Strict liability. A customer gets hurt by a product, even if your business isn’t found negligent.

Who needs Product Liability Insurance ?

You should consider product liability insurance if your business designs, manufactures, or supplies a physical product that is sold or given away for free.

Your business may be held legally responsible for any injuries to people or damage to property caused by a faulty product.

You can be held liable for faulty products even if you did not manufacture them. You may be liable for compensation if:

  • your business’s name is on the product
  • your business repairs refurbishes or changes a product
  • you imported the product from outside the European Union
  • you cannot identify the product’s manufacturer, or the manufacturer has gone out of business

Already have Product Liability Insurance? Switching is easy

It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options

If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.

Contact us today to help you with multiple options to choose from.

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