Understanding Product Liability Insurance
Differentiating between public liability and product liability insurance
While public liability insurance covers claims related to injuries or damage caused by your business activities, product liability insurance specifically covers claims arising from products your business manufactures, sells, or supplies. It protects your business in the event of claims resulting from a faulty product causing injury or damage to third parties.
The importance of having product liability insurance for businesses
Having product liability insurance is essential for businesses that manufacture or sell products. Even with stringent quality control measures in place, there is always the risk of a product defect or failure. Product liability insurance provides financial protection against claims for personal injury or property damage resulting from such defects or failures.
Contacting an insurance broker for product liability coverage
If your business requires product liability coverage, it is recommended to contact an insurance broker specialising in this type of insurance. They can assess your business’s specific needs, help you understand the coverage options available, and assist in obtaining the right product liability insurance policy to protect your business and its products.