Does Your Company Need Product Liability Insurance?
You may not be legally required to get product liability insurance for the things your company makes or sells. And you may think that you probably don’t need it anyway, since you’re a producer of quality products that are made well and don’t malfunction. But you should never overlook the fact that things can always go wrong, especially when you’re dealing with human beings and machines. And don’t forget that if you sell products in either the European Union or the UK, then you don’t have a choice; you must have the insurance.
If it were a matter of “not sweating the small stuff,” then insurance coverage might not be such an issue. But in a litigious society like ours, with product liability lawyers kept constantly on the go with customer lawsuits, even slight malfunctions in consumer products end up in court. And with judges granting larger and larger financial awards in recent years even for minor injuries, you end up not only needing product liability insurance, but paying a high price for it as well.
What you need to do is assess your risk and decide whether you want to take out such insurance. Some of the assessment you can do on your own. For example, if you’re providing health products, the consequences of a product failure could be quite severe. Yet with printing books, well not so much. A bunch of blank pages in the middle of a book won’t be life-threatening, and an offer to replace the item free of charge will usually do. For other types of products though, you may need to talk to a professional, who can help you assess your liability insurance needs.
Your best bet, while trying to decide about insurance, will be a consultation with an actual liability professional, who will know the potential risks for your own products. This will be either an insurance broker, or if you want to skip the middle-man, you might go directly to an insurance company that specializes in product liability insurance. Another possibility would even be an attorney who handles product liability cases. Whichever avenue you choose, even if you know you provide good quality merchandise, it will be worth your while to understand how to protect yourself against that one time when something might go wrong.
Rene Lacape can help you with all your insurance needs. May it be personal or corporate accounts he can answer all your deepest questions with clarity. All you have to do is get a hold of his contact information and start the deal with him. You will be satisfied for sure.