Product Liability Insurance
Do you want to expand your business? When you run a business where you produce a particular product, you need to consider product liability insurance to ensure that your products are covered for third party claims. Unfortunately you never know when a product is defective and could cause harm to others.
What companies could use the services of this insurance?
There are some companies that automatically need product liability insurance such as Manufacturing Company, Corporate Finance, Corporate Construction, Tourism Company, Trading Company, Other Companies: car rental, cleaning service, building management, health organizations, education, and other organizations.
The main reason why product liability insurance is so important is to help pay legal costs for defective products. For instance, you are selling a product of children’s toys, suddenly a kid who uses your toy gets sick due to the toy. So, when someone sues you for it, then you will be protected by insurance, thus, your business continues to run as usual.
However, there are some conditions that are not covered by product liability insurance company such as exceptions to the error or omission intentional and criminal acts, exceptions to the risks that relate to intellectual property such as patents, trademarks, and the like, exceptions to the risks relates to the obligation under the contract, Exceptions to the demands, claims, or losses in the period before the entry into force of insurance coverage, or things or events which the Insured has the potential or likely to result in charges, claims or losses, exceptions to the risks of war and risks similar or equivalent to war, Exceptions to the risk of nuclear, radioactivity, pollution, asbestos, and the like, and exceptions to the risks that are guaranteed under another insurance policy.
IMPORTANT – The information on this website is general in nature and does not take into account your personal needs and objectives, you should not act upon any of this information without first seeking advice from a qualified professional.