Product Liability Insurance
Canopy and Product Liability Insurance
At Insurance Canopy, we pride ourselves on our expansive knowledge of product liability. Our team provides manufacturers, importers, and distributors with customizable policies for consumer, commercial, and industrial goods and services. We make sure each client receives quick, efficient service and quality coverage.
With in-house underwriting through the most reputable insurance carriers, you can be confident that your business will get the coverage it needs.
Protects Your Business
Helps You Expand
Affordable Product Liability Insurance For Small Business Owners
Product liability protects your business from lawsuits, accidents, negative reactions from products sold, distributed, or manufactured, and third-party claims. At Insurance Canopy, we help small business owners assess the specific risks associated with their industries and customize liability coverage to meet their needs.
Questions About Product Liability
What is Product Liability Insurance?
Product liability insurance provides protection against bodily injury and property damage losses arising out of some defect in products sold, manufactured, or distributed.
This means that if your business plays part in the supply chain of a product, whether it be in sales, distribution, installation, or manufacturing, you should be aware of the necessity for product liability insurance.
Even if you believe your business to be faultless, you could still be sued over a product defect in an item you sold or even find yourself responsible for legal defense costs in a suit. A customer could also claim that your business provided insufficient warnings or inaccurate instructions related to your product leading to a recall.
If a product injures a customer or is labeled incorrectly, the manufacturer, the distributor, the designer, and the retailer can all be held liable for the resulting damages as well as recall costs.
Product liability insurance protects you if a product you sold or produced leads to:
- Property damage
Why Product Liability Insurance?
Each year in the United States, thousands of injuries are reportedly caused by defective products. In the unfortunate event that one of your products causes another person harm and they file a claim against your business, the courts may hold you responsible for the incurred costs of the injury.
Product liability claims can be in regard to a product causing property damage, causing someone illness, causing someone to be injured, or even death.
You can be exposed to a product liability claim if your business operations include:
- Manufacturing component parts
- Manufacturing, importing, or distributing products
- Retailing products to consumers
- Wholesaling products to retailers
Under the definition of “Strict Liability,” a person who is injured by a product may be entitled to compensation for their injuries without showing that the manufacturer or seller of the product was actually negligent.
This is where Insurance Canopy comes in.
You can be confident that your company will have the coverage it needs with a policy tailored specifically to your business operations.
What’s Included In A Product Liability Policy?
Our policy provides coverage for goods or products manufactured, sold, handled, distributed, or disposed of by you and/or your company. Your policy will also offer protection from providing, or failure to provide, warnings or instructions on your products.
General Liability Limits
|General Liability Aggregate||$2,000,000|
|Products & Completed Operations Aggregate||$2,000,000|
|Personal & Advertising Injury||$1,000,000|
|Each Occurrence Limit||$1,000,000|
|Damage to Premises Rented to You||$300,000|
|Medical Expense Limit||$5,000|
Do I Need Product Liability Insurance?
Yes. If you are manufacturing, selling, handling, distributing, or disposing of a product, you need insurance. This type of coverage is designed to respond to lawsuits or claims made against manufacturing defects, design defects, defective warnings, and instructions. No matter how careful you are or how involved you are with your business, there’s always a chance of mistakes happening.
Product liability insurance is designed to protect your business from two kinds of claims:
- Lawsuits, accidents, or negative reactions arising from products sold, distributed, or manufactured
- 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
Insurance Canopy helps small business owners assess the specific risks associated with their industries and then customizes liability coverage to meet their needs.
How Much Product Liability Coverage Do I Need?
The amount of coverage you need may vary based on the niche your product is in. The industry standard is a $1 million dollar per occurrence limit with a $2 million dollar general aggregate limit. Depending on your sales, assets, or contractual insurance requirements our licensed agents can include excess and umbrella policies as well.
How Much Does Product Liability Insurance Cost?
The cost of your specific policy will vary based on a few factors, such as industry, sales revenue, your organization’s size, and more. Our licensed agents will assess your risks and create a customized insurance policy that fits your small business needs.
Why Canopy Is Your Solution To Product Liability Insurance
Insurance Canopy is dedicated to providing manufacturers, importers, and distributors with customizable policies for consumer, commercial, and industrial goods. We’re here to help you assess the specific risks associated with your industry and customize the product liability coverage your business needs.
We have the ability to provide insurance solutions for small businesses in the most niche industries carrying a wide range of products. Our covered industries range from vitamins and dietary supplements, beauty products, and vape and e-cig equipment, to emerging CBD topical and ingestible products and cannabis goods.
With our product knowledge and expertise, you can rest easy knowing that someone is taking care of your insurance needs.
- Beauty & Cosmetics Products Mfg.
- Consumer Products
- Clothing Mfg.
- Discontinued Products
- E-Cigarette and Vape Products
- Food Products Mfg.
- Industrial Products
- Medical Devices
- Nutraceutical, Vitamin & Supplements
- Product Recall
- Sporting Goods Mfg.
- Available In All 50 States
- Premium Starting at $1,000
- In-House Authority
- Limits Up To $100 Million
- Foreign Liability Coverage
- Occurrence & Claims-Made Forms
- Startups & New Ventures Welcome
- Vendors Endorsement
Listed are just some of the industries Canopy provides policies for along with our business product liability policy highlights. We have the ability to adapt our policies to thousands of other industries and products and include many other benefits. If you have a question about your business' fit with Canopy, contact us.
Product Liability Insurance
Licensed in all 50 States
- Montana Nebraska
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia