What is Product Liability Insurance?
Product Liability Insurance covers the cost of compensation, including legal costs incurred if someone is injured or their property is damaged as a result of a product that you have sold them. Product Liability Insurance is not a legal requirement but the businesses within your supply chain might recommend that you have it, because even if you are not negligent, you could still be liable.
Product Liability Insurance is typically an extension of Public Liability, which covers your legal liability to pay compensation to third parties in the event of death, bodily injury or damage to their property, which occurs as a result of your business activities. It also covers people visiting your premises, even if you operate from home.
If you need Product Liability Insurance, our experienced advisers are on hand to help you find a solution to protect your business from commercial risk. Our personal approach means we really get to know your business, so any advice we give will be tailored for your specific needs.
Find out more about Product Liability Insurance in our FAQs below.
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Frequently Asked Questions
What is Product Liability Insurance and what does it cover?
Product Liability Insurance covers your business against the cost of compensation along with any legal costs incurred if someone is injured or their property is damaged, as a result of a product you have sold them.
For example, if you have sold a bicycle with a defectively manufactured steering bar, which causes the cyclist to lose control and being injured as a result, Product Liability Insurance can help cover the cost of compensation paid to the cyclist.
Why do I need Product Liability Insurance?
You might consider Product Liability Insurance if you
- Manufacture goods within the UK
- Design products which are manufactured by another company
- Sell products to a consumer within the UK
Product Liability can give you, your clients, and the public peace of mind because it can protect you against financial losses in the event of a claim. It also can assist in allowing your business to continue to operate during the claim.
What are the benefits of Product Liability Insurance?
- Peace of mind for you, your clients, and the public
- Allows your business to continue to operate in the event of a claim
- Protects against any financial losses when defending a claim
- May help to secure your business
How much Product Liability cover do I need?
The typical cover ranges from £2M to £10M and is usually sold as part of a business liability package. However, the specific amount of cover you require will depend on a number of factors such as the type of products being produced, where the materials are being sourced from, where you are sending the finished goods, whether the product has sufficient warning labels etc.
Our friendly team can work closely with you to understand your needs and consider the risks unique to your operation.
How can I buy Product Liability cover?
We offer a personal approach to commercial insurance and can find the right cover for you, for a variety of purposes. We will support you with tailored advice and recommend an insurance programme that will be right for your business, from our A rated insurer partners.
We are committed to providing an exceptional service and will only recommend cover that we believe will truly meet your needs.
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