What is product liability business insurance and what are the consequences of not having it?
Product liability insurance is put in place to cover you for bodily injury or third party property damage that is caused by a product you provide.
An example of when Product Liability Insurance comes into play
A recent example would be when a leather furniture manufacturer supplied sofas that had been treated with a particular product. Some of the customers who came into contact with the product ended up reacting badly to it, to the extent of some of them having to have skin grafts on various parts of their bodies. Luckily for the company they had product liability insurance which paid for the compensation for this.
One of the consequences for not having this in place could include costly claims being made against your business for damage to persons or property due to a faulty product. This could potentially put you out of business. Not having this in place could also cause mistrust in the future with people knowing your business is not insured and so possibly not using your company in the future. We can provide product liability insurance so get in touch to cover your business.
To cover your business for this call us now on 0161 068 2041