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Product liability insurance is a type of business cover designed to protect you against claims for personal injury or property damage caused by a product you have sold, supplied, or manufactured. This can relate to anything from a design flaw to a manufacturing defect or even inadequate instructions for use. The policy covers legal support and compensation if your business is found to be responsible for a claimant’s loss.
Product insurance offers peace of mind by protecting your valuable purchases from unexpected mishaps like accidental damage, theft, or malfunctions. It ensures financial security by covering repair or replacement costs, often extending beyond the manufacturer’s warranty. With product insurance, you can enjoy your items worry-free, knowing you’re safeguarded against unforeseen expenses.
The scale of a policy depends on the level of risk associated with your business. An underwriter will assess factors such as the type of products you sell, your business activities, and the level of cover you require to determine your policy terms. This ensures your protection is tailored to meet your specific needs, regardless of the size or nature of your operations.
While not always a legal requirement in the same way as employers’ liability insurance, having product liability insurance is often a contractual necessity. Many suppliers, distributors, or event organisers will insist you have an appropriate level of cover in place before they agree to work with you. This provides assurance that any issues arising from your products are properly managed
Call our expert team of advisors on 0161 641 3229 to discuss all the options available to you and make sure you are fully protected
