Product Liability Insurance Guide 

If you’re a business owner, you know that there are a lot of things to worry about. That’s why it’s important to have insurance to protect yourself from the risks inherent in running a business. But what kind of insurance should you have? 

One type of insurance that every business should consider is product liability insurance. This guide will tell you everything you need to know about product liability insurance, including what it covers and how much it costs. So read on to learn more! 

1. What is product liability insurance, and what does it cover  

Product liability insurance is a type of insurance that business owners can purchase to financially protect themselves from damages caused by their products. This coverage is important because it can help cover the costs of lawsuits, settlements, and other expenses that may arise from claims against your business. 

Product liability insurance can cover a variety of different things, including: 

Property damage 

This type of coverage can help protect you if your product damages someone else’s property. For example, if your product is a piece of furniture and it collapses and damages your customer’s floor, this coverage could help pay for the repairs. 

Bodily injury 

This type of coverage can help protect you if your product injures someone. For example, if your product is a toy and it breaks and cuts your customer’s child, this coverage could help pay for the medical bills. 

Failure to perform 

This type of coverage can help protect you if your product does not work as advertised. For example, if your product is a new kind of mop and it doesn’t clean floors as well as you said it would, this coverage could help pay for any customer refunds you have to give. 

2. How do you know if you need product liability insurance? 

If you’re a business owner, there’s a good chance you need product liability insurance. This is especially true if you sell physical products, but it can also be important for businesses that provide services. 

There are a few factors to consider when determining whether or not you need product liability insurance, including: 

What kind of products you sell 

If you sell physical products, you have a higher risk of being sued for damages caused by your products. This is because it’s easier to prove that a physical product caused the damage than it is to prove that a service caused the damage. 

Who you sell your products to 

If you sell your products to individual consumers, you have a higher risk of being sued than if you sell your products to businesses. This is because individual consumers are less likely to have the resources to pursue a legal claim against you, and they’re also more likely to be emotionally attached to their purchase. 

3. What are the benefits of having product liability insurance? 

There are a few key benefits of having product liability insurance, including: 

Protection from lawsuits 

If you’re sued for damages caused by your product, product liability insurance can help cover the costs of your legal defence. It can also help pay for any settlements or judgments against you. 

Peace of mind 

Product liability insurance can give you peace of mind knowing that you’re financially protected in the event that something goes wrong with your product. 

4. How much does product liability insurance cost? 

The cost of product liability insurance varies depending on a few factors, including the size of your business and the products you sell. 

5. How to get a quote for product liability insurance  

We can help you get a quote for product liability insurance. Contact us today and receive a  free, no-obligation quote from one of our insurance specialists. 

6. Conclusion 

Product liability insurance is a type of insurance that business owners can purchase to financially protect themselves from damages caused by their products. This coverage is important because it can help cover the costs of lawsuits, settlements, and other expenses that may arise from claims against your business. 

There are a few key benefits to having product liability insurance, including protection from lawsuits and peace of mind knowing that you’re financially protected in the event that something goes wrong with your product. 

The cost of product liability insurance varies depending on a few factors, including the size of your business and the products you sell. Contact us today to get a free, no-obligation quote for product liability insurance. 

If you have any questions about product liability insurance or would like a quote, please contact us today. We’re here to help you protect your business.