Product Liability Insurance
Designed to protect your business and help you get into retail stores.
Whatever Your Contribution, We’ve Got You Covered
Quick Turnaround | Affordable Policies | Experienced Agents | Customizable Coverage
- Overview
- Coverage Details
- Premium Cost
What Is Product Liability Insurance?
Product liability insurance provides financial protection for claims if a product you sold, produced, or distributed leads to:
Property Damage
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Illness
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Injury
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Death
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Without insurance, you could be paying thousands of dollars for legal fees, repairs, or medical bills all on your own. You may have to halt business or recall products, and you risk damaging your reputation.
View our Product Liability e-Book for additional facts, statistics, and information about product liability insurance.
Who Needs Product Liability Insurance?
Manufacturers
If a customer sustains injuries from using a product you manufactured, they can name you responsible.
Distributors
You could be held liable if you cross-contaminate or damage a product in transit that later harms a consumer.
Suppliers
If you supply bad materials, a faulty product may end up on store shelves. This could cause you to face fines and loss of business.
Importers
Transporting products long distances carries extra risks of damaging products or packaging. Don’t get caught facing a lawsuit alone.
Retailers
If a product sample or purchased product leads to bodily injury, choking, allergic reactions, or damages their property, you can be liable to pay for medical bills, legal fees, and more.
Some online retailers are required or recommended to carry insurance policies. Insurance Canopy’s plans often meet or exceed retailer requirements.
Whether you handle ingredients, parts, or whole products, you can still be held liable in a claim if the final product causes bodily harm or property damage. Get the necessary coverage you need from Insurance Canopy today.
Suppliers, manufacturers, distributors, and retailers all face the same liability risks and can benefit from the protection of insurance. See what product liability insurance can do for you below, and learn more about how much product liability insurance may cost here.
The Importance Of Product Liability Insurance For Small Businesses
Product Withdrawal
Damaged Reputation
Loss of Business Relationships
Halted or Slowed Business
Financial Losses
How Much Does Product Liability Insurance Cost?
On average, our customers pay between $800-$1400 for their annual premiums.
The cost of product liability insurance is dependent on a few factors and can vary depending on your business and operations. Our application takes into consideration the following common factors:
Industry
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Size of Business
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Annual Revenue
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Limits Required
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Claims History
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How To Get A Product Liability Quote
When filling out the application, we will ask you for the following information:
- Businesses contact information
- Details of the products and/or services you want covered
- Total gross receipts from all products and/or services
- Preferred limits of liability
- Claims history
What Can Product Liability Insurance Protect Me From?
Insurance Canopy’s policy provides coverage for goods or products manufactured, sold, handled, distributed, or disposed of by you and/or your company. We also offer product recall insurance in case you need to halt or pause production and issue a recall due to a claim.
Even if you have strict product testing and carefully monitor product safety, accidents can still occur. Having product liability insurance helps you protect your reputation, lower or eliminate the cost of claims, and keep business operations running smoothly.
What Products Are Not Covered Under Product Liability?
These Products Are NOT Covered
- Aerosol products
- Baby products
- Products requiring a prescription
- Any product containing human stem cells
- Weapons and firearms, including police and military gear
- Products intended to be injected
- Anything containing more than 0.3% THC
(For THC Higher than 0.3% see our Cannabis Crop & Dispensary insurance) - Products containing illegal drugs or alcohol
You're In Good Company With Insurance Canopy
Here's what other people have to say about their experience.
Great company easy to work with, and they even sent me reminders about my renewal!!!! Thank you so so much
Fast, easy, always there. As a mobile dj it’s important to me to have access to a cost friendly insurance option when needed. That’s exactly what you get! Great policy at a great rate. Thanks!!!
Very reliable and affordable insurance. Customer service is outstanding and hassle free when renewing.
My first time using this Company I like the ease of navigating through the site.
I loved working with insurance canopy. Their customer service was so available and willing to answer my questions as a first time business owner. Great pricing, quick, and easy.
Questions About Product Liability Insurance
Yes! Our policy combines general liability insurance with product liability insurance to give you the coverage your business deserves. Insurance Canopy can help cover claims from:
- Slip and fall injuries in the workplace
- Destruction to property from business operations
- Bodily harm from your products and possible defects
- Property damage from products or installation
- Failure to provide labels or warnings on products
- Litigation costs and medical expenses
- And more…
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.
Insurance Canopy is proud to offer our insureds the option to add a product recall insurance endorsement to their policies.
Product recall insurance protects your business against the costs associated with a product recall. A product recall typically occurs when a product is found to be unsafe or harmful to consumers. This could be a beauty product found to have toxic ingredients or food found to have bacterial contamination. When a product is found unsafe to the public it must be pulled from shelves and recalled from those who have already purchased it.
The costs associated with this process can be extremely high and you’ll want to be sure you’re properly insured against this possible risk.
Our product recall endorsement can be added to a product liability insurance policy for as low as $250 a year. Be sure to direct any questions to your agent.
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.