What are the Key Things that May be Covered in a Product Liability Insurance Policy?
The need for Product Liability Insurance cover is very broad. As a business, if you sell, supply or deliver goods, even in the form of repair or service, you may be liable if your products cause:
- Death or injury to anyone who comes into contact with your product
- Property damage caused by your product
- Nervous shock, such as emotional distress or a recognised psychiatric illness.
Your business may be liable for compensation if:
- The name or logo of your business is on the product
- Your business repairs, refurbishes or changes a product
- You cannot identify the manufacturer of the product, or if they have gone out of business.
Public & Product Liability insurance policies are specialised fields of insurance. Due to the potentially onerous legal liability exposures, Product Liability policy wordings are very technical to ensure you are properly covered. As a result, it can be difficult to determine what Product Liability insurance you need. The more comprehensive the cover you choose, the more expensive your insurance premium is likely to be.
PSC Direct have access to a range of different policy wordings. Through our expertise and experience we have analysed each to determine what cover your business is likely to need. While the risk exposures might be different from business to business, the same insurance principles apply and mean we can use our experience of dealing with hundreds of businesses similar to yours to obtain the broadest liability cover to protect against the specific risks unique to your business.