With the evolution of the gig economy and more people looking to create a business from home, there has never been more need for product liability insurance. If you provide any products to customers, it is vital that you protect your business against any claims of injury or damage that could arise. While many business owners are aware that they need public liability insurance to protect against injuries at their physical premises, you may not be aware that you need product liability to manage your risks. So, here we’ll explore all you need to know about product liability, so you can make an informed decision about your coverage.
The Product Liability Insurance Basics
Product liability or as it is sometimes known, general liability can be included in your public liability insurance package. This coverage is designed to protect professionals who are supplying products to members of the public or customers.
Product liability provides protection against any claims of property damage or personal injury caused by the products that are supplied or sold through your business. This type of policy is designed to help you to protect your business by ensuring that in the event of an issue, you won’t need to pay legal or court costs.
Do You Need Product Liability?
Product liability is highly recommended for businesses that supply products. Even if your product appears to be wholly safe, there is always a potential for an error to occur; something can always go wrong, and an accident can happen. A claim for property damage or personal injury that arises from a product failure can be an incredibly costly process and even if you are not at fault, defending yourself can incur considerable legal costs.
Product liability provides a safeguard for your business, providing cover against any such claims, including legal defense fees. This means that you can go about your business activities confident in the knowledge that if something goes wrong, you’re protected.
Cover For All the Essentials
It is vital that you choose a product liability policy that will provide protection for your business. You need to be confident that if a product you supply fails, malfunctions or causes any harm, you’re protected. Product liability can provide protection in a variety of scenarios including damage caused by your software, illness caused by beverages, food or supplements, or injuries caused by any tools or equipment.
Choosing the Right Policy
If you feel that your business would benefit from product liability cover, it is a good idea to speak to a professional broker. An experienced broker can assess your risks and liability to ensure that you have adequate coverage.
If you are interested in product or public liability insurance Perth based GSK Insurance is here to help. We offer access to a wide variety of insurance products including product liability insurance. A member of our team would be delighted to discuss your requirements and recommend the best insurance package for your specific circumstances to ensure that your business is fully protected.