If your business is part of the supply chain of a product,dealing with selling or manufacturing products, you should be aware of potential risks your business faces, and know how to protect your businesses from those risks. As an experienced provider of product liability insurance, we’ve seen various products over the years get recalled and taken off store shelves for risk of injuring people. From car parts to food items, everything has the potential to harm others and you need to protect yourself from any potential lawsuit. Insurance Canopy can help you with your product liability insurance and product recall needs by allowing you to purchase a product recall endorsement with your product liability policy. And, just so you have an idea of the importance for a product liability endorsement on your product liability insurance policy, we gathered some information on how many items have been recalled so far in 2020.
RecallsSo far in 2020, approximately 150 products have been recalled. Of the items recalled there have been 165,000 inclined infant sleepers, thousands of packages of clover sprouts, dietary supplements, over 4,500 frosted balsam jar candles from Hallmark, over 3,000 Thruxton motorcycles, thousands of pairs of kids’ pajama bottoms, 14,000 infant carriers, and various automobiles from Jaguar, BMW, Porsche, Bentley, Kia, Cadillac, and Ferrari. Products get recalled for many reasons. The products we mentioned have been recalled due to being hazardous to people’s health in many different capacities. A car may be recalled due to having faulty parts, such as bad airbags that do not deploy properly making a car crash a lethal situation. Food gets recalled for being improperly labeled or for making people sick. Just this year we have seen outbreaks of e. Coli and listeria in vegetables, as well as many other foods labeled without listing proper allergens making it a risk to sell to the public. One of the most risk-heavy areas to create and sell products is in children’s goods. There are more restrictions and regulations regarding items targeted toward children, making it so many more children’s goods are recalled each year.
The Benefits of Product Liability InsuranceProduct liability insurance protects the manufacturer, distributor, or seller of a product from legal liability that results from a defective condition on the product being sold. If your business takes part in any part of the supply chain of an item–whether that’s in sales, distribution, installation, or manufacturing, then you need product liability insurance with a product recall endorsement. Insurance Canopy offers product liability insurance designed to protect your business from two kinds of claims:
- Lawsuits, accidents, or negative reactions arising from a product sold, distributed, or manufactured
- And third-party claims such as bodily injury and property damage losses arising out of a defect in the product your business sold, manufactured, or distributed.
- Hiring extra people to manage the recall
- Product disposal
- And more!
- Support from experienced representatives
- Get 24/7 access to proof of insurance documents
- Can make changes to your policy online
- Give yourself peace of mind
- Enhance your credibility in the industry