Product liability insurance is there to protect your business from claims related to the manufacture or sale of products to the public.
Question: What Is a Product Liability Insurance Policy? I’m aware of general liability insurance policy covering basic risks but don’t know what a product liability insurance policy would cover.
Answer: If you ever have any questions regarding insurance coverages or what your Scottsdale business insurance needs are, we always recommend contacting a licensed insurance broker like those at Smart Move Insurance in Scottsdale, Arizona. Each and every business has many different needs and risks with regards to insurance and coverage to make sure they are properly covered. Discussing your business with a local insurance broker is your best way to find out if your business is properly covered and that you have the very best price for your commercial insurance policies. You are correct, general liability insurance policies are the most common commercial insurance policy and are recommended for every business. Scottsdale, AZ commercial general liability insurance will cover your business from the risks of liabilities imposed by lawsuits and claims. Thus, it will protect the insured in the event they are sued for claims that come within the coverage of the commercial general liability insurance policy.
Product liability insurance is there to protect your business from claims related to the manufacture or sale of products, food, medicines or other goods to the public. There are many circumstances where a product you sell or manufacture causes harm to others and this insurance coverage will help protect against these potential lawsuits. A Scottsdale product liability insurance policy will also cover the manufacturer’s or seller’s liability for losses or injuries to a buyer, user or bystander caused by the defect or malfunction of the product. This can even come into play with regards to a failure to warn of the products effects or defectiveness in the actual product. The main claims made with regards to this type of coverage are a manufacturing or production flaw, design defect and defective warnings or instructions. In many cases, lawsuits arising from these types of claims can be in the millions depending of severity. There are also many other situations and circumstances that your business may be at risk for and talking with a local licensed insurance broker at Smart Move Insurance is the best way to make sure your business is properly covered. We can be reached at 480-397-9525 or online at smartmoveinsurance.com. We look forward to helping you with all of your insurance needs!
Reposted from ampm Insure Insurance Community