Product Liability Insurance

1
Complete Breakdown Of Product Liability Insurance
And Why You Need It In 2021?
2
What Is Product Liability Insurance??

• Product liability insurance is an important
  aspect of doing business. ?
• It helps protect your company against being sued
  by customers, clients, or consumers.?
• Product liability insurance provides protection
  from lawsuits that may arise as a result of the
  sale of faulty products.?
• The U.S. has some of the strictest laws regarding
  product liability.?

3
Who Needs Product Liability Insurance??

• Manufacturers?
• Retailers And Wholesalers?
• Trade People?

4
Insurance Policies That Include Product Liability
Insurance?

• General Liability Insurance?
• Errors And Omissions Insurance ?
• Professional Liability Insurance?
• Business Owners Policy (BOP)?

5
What Does It Cover??

• The policy covers ?
• Damage to someones property?
• Bodily injury?
• Someone getting sick?
• Wrongful death?

6
What Are Some Exclusions??

• Exclusions from the policy include?
• Product recall costs?
• Employee injuries?
• Damaged products?
• Accidents involving customers (which have nothing
  to do with a product)?
• Quality and performance issues?
• Intentional violation?
• Losses?
• Third party liability?
• Redesign costs?

7
How Much Does Errors and Omissions (EO)
Insurance Cost?

• The average cost of product liability insurance
  is 1,192 yearly.?
• There are many factors that determine product
  liability insurance costs. These factors are ?
• 1. Nature Of Business ?
• 2. Position In Supply Chain ?
• 3. Business Size ?
• 4. Products ?
• 5. Quality Control ?
• 6. Loss Control ?
• 7. Claim History ?

8

• Protect your business by investing in product
  liability insurance. Get in touch with us to
  discover the liability coverage that suits your
  needs.?

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