Smart Move Insurance has access to many of the top insurance carriers and markets for product liability insurance. Our licensed brokers have many years of experience working with local businesses for their product liability insurance needs. Our access to the top markets allows us to make sure your company is covered with the right coverage at the very best price possible. Product liability insurance is a crucial coverage to millions of companies in the United States.
The Phoenix product liability insurance protects your business from claims related to the manufacture or sale of products, medicines, food, or other goods to the public. It not only covers the manufacturer’s but also the seller’s liability for losses or injuries to a buyer, user, or bystander caused by a possible defect or malfunction of the product. The 3 most common claims that could be covered by an Arizona product liability insurance policy is a design defect, defective warning, or instruction for use of the product and manufacturing or production flaws. Many of these types of claims have resulted in millions of dollars of losses for companies and arise from medical costs, compensatory damages, economic damages, attorney’s fees, and punitive damages to name a few. Many companies fail to secure this coverage because they don’t believe their company needs this type of insurance because they don’t manufacture the product. The trust is that retailers and wholesalers are often brought into a lawsuit for alleged negligence by the consumer. Many business owners also believe that their Phoenix, AZ general liability or business owner’s package policy will cover their business but they would be mistaken.
The premiums for product liability insurance policies are based upon the type of product, the volume of sales, and the role of the insured in the process. A licensed agent at Smart Move Insurance is here to help you decide if this is the right coverage for your business and determine the amount of coverage needed to fully protect your assets. Our ability to find you the right coverage at the best price will help make the process of insuring your business that much easier. Please feel free to contact us today at 480-397-9525.