About the Policy
Product liability insurance provides crucial protection for manufacturers against legal liabilities arising from defects in their products. This policy covers all sums, including defense costs, which the insured must pay as damages due to accidental death, bodily injury, disease to any third party, or accidental damage to third-party property.
The coverage extends to defects in manufacturing, packaging, delivery specifications, or usage instructions, and includes both domestic and export sales turnovers. With the benefit of a retroactive period on continuous renewal, this policy ensures comprehensive protection for manufacturers.
Product liability insurance is essential for manufacturers to protect against financial losses due to claims arising from defective products.
It safeguards your business from the high costs of legal defense and potential damages, ensuring your operations remain secure and stable.
Key Benefits
Check out the key benefits offered by a standard public & product liability policy.
- Comprehensive coverage for third-party injury
- Protection against claims on product defects
- Coverage for defense costs
Who can take out product liability insurance?
Manufacturers of any product, whether it is the final product or a component of the final product, can take out product liability insurance. This policy is suitable for businesses of all sizes and industries.
Does product liability insurance cover product recalls?
No, product liability insurance does not cover the costs associated with product recalls, product guarantees, or pure financial losses such as loss of goodwill or market share. It also does not cover the cost of repairing or reconditioning defective parts.
What is covered under product liability insurance?
Product liability insurance covers legal liabilities for accidental death, bodily injury, or property damage to third parties due to defects in the product. This includes manufacturing defects, faulty packaging, and incorrect usage instructions.
