What is Product Liability Insurance?
Product Liability Insurance is a type of business insurance that covers the cost of compensation claims made against you if someone is injured or their property is damaged by a product that you’ve sold. It is also worth nothing that, in certain situations, you may be liable even if you haven’t actually manufactured the product.
Do you need Product Liability Insurance?
Firstly, Product Liability Insurance isn’t a legal requirement. That said, some businesses that work in your supply chain may insist you have it. If your business manufactures, designs or supplies physical products to customers, then Product Liability Insurance is unquestionably a useful to purchase as part of your business insurance. Also, you can still be liable for faulty products even if you didn’t manufacture them.
How much Product Liability insurance cover do you need?
We can help you work out how much product liability cover you need for your business. As part of this process we will think about the possible size of a compensation cost if someone was injured, such as medical costs and loss of income costs. The amount of cover you’ll need will also depend on the type of business you run. Most insurance providers offer product liability cover between £1 million and £5 million, but we can arrange policies with more cover if needed.
We can arrange product liability insurance for your business
We have many years of experience in arranging cover for our clients in Leeds and the surrounding areas. We can help you understand the level of cover you need through our simple process.
We’re here to help
We would be delighted to help you or your business with your insurance needs. Whether you need a specific product, or a full review of your current set up, just get in touch and we will come back to you quickly.