You have heard of faulty products hurting customers, such as a product line being mislabeled and sending many customers to the hospital. This instance is something that you hope will never occur and that’s why you set up a thorough quality assurance. You care about keeping your customers safe from harm. In some cases, your quality assurance strategy may not be enough and someone could get hurt from a product that you designed, manufactured, or sold. Regardless of where you fall in the supply chain line, there’s always a risk of something going wrong, and Product Liability Insurance can help. You may be wondering, “What is product liability insurance, anyway?” Well, we are here to give you a rundown of this useful business coverage and how Insurance Canopy can help.
WHAT IS PRODUCT LIABILITY INSURANCE?Product Liability Insurance is coverage designed to respond to third-party property damage and bodily injury claims stemming from a product defect. Product defects can include the following:
- Manufacturing Defects: You put your trust in the manufacturing process and depend on things running smoothly. Unfortunately, that’s not always the case. For example, the office chairs you produce were poorly manufactured and the pieces weren’t bolted on correctly. A customer using the chair gets injured and blames you.
- Design Defects: Products are capable of causing injuries and property damage. For example, a battery overheating and causing a fire.
- Mislabeling: By including a label, you give customers the needed product information upfront, such as directions and ingredients. It’s possible that the product label doesn’t contain the necessary information and a customer experiences an allergic reaction.
PRODUCT LIABILITY FROM INSURANCE CANOPYInsurance Canopy provides insurance coverage for business owners in various industries and works with top-rated carriers. We are proud to offer Product Liability Insurance for thousands of products and cover the following:
- Medical Devices
- Beauty & Cosmetics
- Vitamins, Supplements, and Nutraceuticals
- Food Products
- Pet Supplies
- And More!