Product Liability Insurance
Product Liability Insurance Details
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.