Product Liability Insurance

Transcript

1. Complete Breakdown Of Product Liability Insurance And Why You Need It In 2021​
2. What Is Product Liability Insurance?​ • Product liability insurance is an important aspect of doing business. ​ • It helps protect your company against being sued by customers, clients, or consumers.​ • Product liability insurance provides protection from lawsuits that may arise as a result of the sale of faulty products.​ • The U.S. has some of the strictest laws regarding product liability.​
3. Who Needs Product Liability Insurance?​ • Manufacturers​ • Retailers And Wholesalers​ • Trade People​
4. Insurance Policies That Include Product Liability Insurance​ • General Liability Insurance​ • Errors And Omissions Insurance ​ • Professional Liability Insurance​ • Business Owners Policy (BOP)​
5. What Does It Cover?​ The policy covers: ​ • Damage to someone’s property​ • Bodily injury​ • Someone getting sick​ • Wrongful death​
6. What Are Some Exclusions?​ Exclusions from the policy include:​ • Product recall costs​ • Employee injuries​ • Damaged products​ • Accidents involving customers (which have nothing to do with a product)​ • Quality and performance issues​ • Intentional violation​ • Losses​ • Third party liability​ • Redesign costs​
7. How Much Does Errors and Omissions (E&O) Insurance Cost? • The average cost of product liability insurance is $1,192 yearly.​ There are many factors that determine product liability insurance costs. These factors are: ​ 1. Nature Of Business ​ 2. Position In Supply Chain ​ 3. Business Size ​ 4. Products ​ 5. Quality Control ​ 6. Loss Control ​ 7. Claim History ​
8. Protect your business by investing in product liability insurance. Get in touch with us to discover the liability coverage that suits your needs.​