Products Liability Insurance Brokers
Learn more about Products Liability Insurance?
Products Liability Insurance Brokers
Learn more about Products Liability Insurance
What is Products Liability Insurance?
If you are a business that sells and distributes physical items, whether it be retailed direct to the public, wholesale to businesses, or manufactured yourself, your business is liable for any damages that these items may cause.
The costs can quickly mount if a claim was brought against you. Whether you were negligent or not, there will be legal fees incurred to defend your business against such claims.
A product Liability policy is usually automatically included in a Public Liability Insurance policy, which is equally as important to your business.
Products Liability Insurance is a cover that protects your business from claims brought against you for personal injury, or property damage that you are found liable for as a result of your products.
If you are a business that sells and distrbutes phsyical items, whether it be retailed direct to the public, wholesale to businesses, or manufactured yourself, your business is liable for any damages that these items may cause.
The costs can quickly mount if a claim was brought against you. Whether you were negligent or not, there will be legal fees incurred to defend your business against such claims.
A product Liability policy is usually automatically included in a Public Liability Insurance policy, which is equally as important to your business.
Products Liability Insurance is a cover that protects your business from claims brought against you for personal injury, or property damage that you are found liable for as a result of your products.
What Does Products Liability Insurance Cover?
Products Liability insurance policies can offer general protection for a business, which may include cover against:
A Products Liability Insurance policy is comprehensive, but also has exclusions. Some of these exclusions are:
Deliberate acts
Product recall costs
Injuries to your employees
Loss of Income as a result of a faulty product
Asbestos Liability
Contractual Liability
What sort of Products are covered under Products Liability?
Products Liability can cover a broad number of categories and items. These are usually items that are manufacturered, whloesaled or retailed by you.
Examples include:
Foods, including pet food sales
Clothing sales
Furtniture sales
Plant & Equipment sales
Automotive Parts Retailing
Toy Retailing
How much does Product Liability Insurance Cost?
Many factors go into calculating the price a Product Liability Insurance policy.
Items that you are insuring –
The pricing is inherintly based on the insurers perception of risk. If your item is low risk, then the premium will generally be lower. If your item could result in large claims, then you will notice that you premium will be higher.
Turnover –
Most combined Public & Products Liability Insurance policies are calculated on your business turnover for the coming 12 months
Employee Numbers –
A higher number employees usually indicates a large scale operation and as such the insurers see more exposure for potential incidents to arise.
How Morgan Insurance Brokers can help you
Insurance can be complicated – sometimes it feels like it’s designed to confuse you with all of the terms, conditions and jargon. Morgan Insurance Broker’s simplifies the process by making sure that the cover we source you, will be the cover that protects you.
Contact us for a quote to protect your business with a Products Liability policy.
