Product Liability Insurance
Understanding Product Liability Insurance
Product Liability Insurance protects companies or an organization from what they offer or produce, which may have caused any damage to its users/consumers/patron or their properties. In general, it is a protection the owner can benefit from if any claims are related to the sale or manufacture of goods, foods, products or medicines to the public. It will cover the seller or manufacturer’s liability for injuries or losses caused for different reasons such as product malfunction, failure to warn or defective design.
Product Liability Insurance that may be covered:
- Possible fees which may arise from litigation
- Fees which occur from the state court system
- Personal injuries or property damages caused by faulty goods
- Unexpected circumstances that occur such as product malfunction where the quality control system of the company failed to identify.
Who Requires Liability Insurance?
Any organization or individual engaged in selling or manufacturing products. Typically, people who would want to purchase this kind of coverage are coffee shops, toy retailers/manufacturers, food distributors, clothing retailers and manufacturers, sporting good product manufacturers and other businesses where operations involve their consumers utilizing products that are branded with the company’s name.
How Insurance Brokers of Maryland can help
At Insurance Brokers of Maryland, we work hard and offer only the best coverage that works for a variety of different types of risks. We develop a highly comprehensive insurance policy that complies with the Safety Act, which in many jurisdictions is required by law. When you are ready to see the full-scale of protection that Liability Insurance coverage for your business can offer, give us a call. Our friendly and highly knowledgeable representatives will discuss how you can obtain the right protection against financial loss that arises from legal liability incurred when using your products. Contact us today; we’re here to help you!