Product Liability Insurance

Product Liability Insurance Details

When you own a business, you are found liable for any product you sell or manufacture.. If someone gets hurt from using the product, you can be at fault. When you request coverage from Noltensmeyer Insurance Services, we will figure out what the likelihood of a lawsuit being brought against you because of one of your products is. Our professionals can determine the risks associated with your services or products and accurately scale a policy that is enough to cover those risks. We can also offer you advice on how you could make your products less available to risks. This could be modifying your product, changing instructions or warnings, packaging it differently, etc. When it is done well, these precautions can help alleviate the company’s liability and stop the customers from using your products in unsafe ways.

Do I need Product Liability Insurance?

If your company sells or manufactures any kind of product, it’s extremely recommended that you have some kind liability coverage. Even if the product is a “safe” product something could still malfunction and injure the user. Defending a lawsuit is typically expensive enough that many companies choose to just settle it out of the court. Product liability insurance can reimburse you for cost that occurred during a situation where you were held legally liable. Don’t forget to continue to talk to your agent on a regular basis as your business expands. Larger businesses tend to have larger risks than those of smaller businesses. A plan that is enough for a small company probably won’t be enough for a large one. What does Product Liability Insurance cover? The main purpose of product liability insurance is to cover legal obligations of a company. This can include payments such as:

Court fees
Legal defense costs
Out-of-court settlements
Personal injury award
And other fees that may occur during the above

If you know some of these things are missing from your policy, or you need a complete product liability coverage policy, talk to a Noltensmeyer Insurance Services representative or ask for a quote.

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