Product liability insurance manufacturers need
With all the new technological advances, starting a business has become much simpler. However, this did not make it easier, With COVID putting an enormous dent in peoples business profits and productivity. Protection for your essential tools and devices is crucial. That is why every business needs Product liability insurance.
The legal matters
Product liability insurance may not be a legal obligation but it is an essential part of businesses insurance policies. Especially when your business manufactures or supplies products to a third party. Taking care of your products is so much easier when you have product liability insurance. You don’t need to manufacture a product in order to require product liability. Importing and repairing in some cases is enough to make you liable.
If you consider yourself one of the following:
You could be liable to pay significant compensation for damage, injury, and in cases of death, your business could potentially be closed down. In accordance with the Consumer Protection Act, consumers hold the right to take any business owner to court if their business has had a direct negative impact on the consumer.
For example, if you run a bakery online and one of your customers gets food poisoning. Or you manufacture a toy that causes your customers an injury. You may be asked to pay compensation.
What does product liability insurance cover?
Types of businesses that need product liability cover:
- Companies that sell products with their business or brand name on it
- Businesses that repairs or repurposes products
- Firms that manufacture products
- Businesses that imports products
If you run or own any of these precedent businesses, then we recommend product liability insurance. Trevellyan is here to make things easy for you. We find you the best insurance policies so that you don’t have to. Moreover, if you already have product liability cover, we can make sure it is the right product liability policy for you.
How we can help!
At Trevellyan Insurance Brokers, we want to help businesses not be at fault, insuring with us today can help you keep you secure and safe in your hands. We make sure that you are covered and also keep you insured.
As brokers, we can help you find a policy that is at the best price.
We can offer you a quote that is suitable for you and right for your business.
July 20, 2022
May 16, 2022