Suppose your product caused an injury. If you manufacture, distribute, or sell a product, and that product causes a personal injury or property damage, your business can come under fire from lawsuits. Protect your business from legal costs by carrying product liability insurance.
Why Would I Need It?
Companies tend to face three types of product claims:
- Claims that the product is inherently unsafe
- Claims that the product did not include sufficient warnings against risk
- Claims that the manufacture or production of an item created an unreasonably unsafe defect
It’s not just the manufacturer who is found responsible. Every company involved in bringing a product into the “stream of commerce” is at risk. That means distributors, re-sellers and retailers, too. Everyone in the stream requires product liability coverage.
Premiums for product liability insurance depend on the type of product and the volume of sales. Your Snyder broker can help you to identify the coverage levels that are right to protect your business.
What Is Product Liability Insurance?
Today’s businesses face numerous challenges, not the least being product recalls, equipment failures, or 3rd-party liabilities. Snyder Insurance can help you pinpoint risks and find the very best solutions to safeguard your clients, supply line, and balance sheet.
If your business manufactures, distributes, or sells goods, you need to protect your company against claims of injury or damage that may occur through the use of those products. Product Liability Insurance covers your business in the event of bodily injury or property damage suits that might arise because of potential defects in the merchandise you’ve sold, manufactured, or distributed.
In addition, Product Liability Insurance can provide coverage regarding a claim filed because of damage due to inadequate instruction for the product’s use, or failures in warning labels. It is an essential part of commercial insurance coverage for businesses that manufactures, distributes, or sells goods.
Why You Need Product Liability Insurance
Faulty or unsafe products cause thousands of injuries annually in the U.S. Responsibility for a defective product that has caused injuries has the potential to affect every seller of that merchandise within the product’s chain of distribution.
What Does A Product Liability Insurance Policy Cover?
Coverage is provided for the manufacturing, handling, selling, distributing, or disposal of goods or products by you and your business. It also guards you when you supply, or fail to supply, a warning or any instructions regarding a product. A Product Liability quote will depend on how you customize your policy.
Product Liability Insurance can be customized to cover you for both a primary and an excess basis. As a family owned independent insurance agency, Snyder Insurance has extraordinary flexibility in finding you the best tailored-to-your-business protection for practically any risks that are related to products and goods.
Premiums for Product Liability Insurance depend on things like the type of product and the volume of sales. Your Snyder agent can help you to identify the coverage levels that are right to protect your business. Call 630-960-4848 today for a Product Liability quote.