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Having Product Liability Insurance is essential for your business if you supply a product.
This type of insurance cover protects your business against the cost of compensation claims should someone be injured, become ill or their property is damaged by a product you have sold. In some circumstances, you may still be liable even if you did not make the product.
Product Liability Insurance can pay legal fees and compensation costs if you are sued for injury or damage.
Who needs Product Liability cover?
Although Product Liability Insurance is not a legal requirement, we believe it is essential, especially for those who design, manufacture or supply physical products which are sold.
Those who manufacture the products are most likely to be liable to pay these costs but that is not always the case. The following reasons could mean you are legally liable:
- Your business name is on the product
- Your business has repaired or changed the product
- The product is manufactured abroad by a third party company
- The manufacturer is out of business or cannot be found
What level of Product Liability cover do I need?
The amount of Product Liability cover can be tailored to the level of protection you need following an assessment of the goods you produce or supply. The amount can be up to £10m if required and include legal defence costs of up to £100,000.
What can Product Liability Insurance cover?
There are sometimes occasions when production issues can cause problems with certain batches of products. Unfortunately, human error can occur, so it is important you are covered so that one mistake does not result in significant financial consequences.
You can be covered for:
- Defective product
- Contaminated food products
- Failure to meet certain standards and regulations
Is Product Liability a standalone policy?
Product Liability is usually cover alongside Public Liability insurance and can be a standalone policy or covered on a Combined Package policy depending on the nature of the product.
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