Product liability insurance is becoming more common. As individuals purchase products in a more digitally sophisticated environment companies can find themselves exposed to lawsuits. This leaves manufacturers, exporters, distributors and retailers greatly exposed. Even a frivolous lawsuit has to be defended.
What is product liability insurance?
Product liability insurance protects your company’s third party legal liability in connection with your products. The insurance covers actual harm to a consumer's body or property. The insurance helps to reduce and manage your risk with coverage for legal costs and a potential settlement awarded by a court of law.
Who might benefit from a product liability insurance policy?
- Distribution businesses
- Wholesales businesses
- Retail businesses
- Food industry business
- Power and energy
- Transportation and logistics
Benefits can be purchased on a standalone basis, with or without tailored wording. Furthermore, a product liability insurance plan from Trusted Union is able to provide coverage on a worldwide basis.
If your business would like to receive a free no obligation consultation or quote from Trusted Union for product liability insurance please contact us here today.
You can find out more about Trusted Union's services by clicking About Us.