Product liability insurance offers worldwide protection hence covers legal liabilities arising out of judgement and settlement made in any country by protecting your business worldwide.
Product liability insurance covers the range of expenses occurring due to a defective product. Some of them include overseas litigation, covering exports when domestic turnover is covered, and defence costs.
Product liability insurance covers a wide range of risks to your product due to which liability may arise. These include any defects in product, packaging defect, improper use of product or wrong user manual.
Product liability policy is available at affordable premium. You can customise the cover according to business needs by choosing from various add-ons such as vendor liability cover and technical collaboration liability cover.
A product liability insurance indemnifies the distributors, wholesalers, and/or retailers against various losses or damages arising out of the consumption or use of products manufactured, sold or distributed by them.
As a manufacturer who is supplying products, you may have to deal with the risk of your products causing loss or damage to a third party - their property and/or the person. Here, even a minor damage could result in massive claims and financial losses.
In such a case, it is required to possess a product liability insurance policy that would safeguard your company from various claims and also provide cover for various legal costs which you would otherwise incur in defending yourself in the court.
Third Party Injury Cover
Property Damage Cover
Product liability insurance policy is needed for business owners, product manufactures and/or dealers. A product liability insurance policy can be taken by an enterprise or an individual, who can be held accountable for legal or financial liabilities against a third-party.
Say, a shampoo manufacturing company has been sued for wrongly advertising its products and causing damage to the users health. In such a situation, if the manufacturer has a product liability insurance policy handy, then the insurance provider would bear the consequent legal costs.
Hence, it is imperative for most companies such as ones manufacturing chemical products, pharmaceuticals, tobacco, foods and beverages, entertainment, etc. to have such an insurance policy. This insurance product is not mandatory but definitely has relevance and greater usage.
Product liability insurance coverage offers protection to the insured against the legal liability claims arising out of third-party property damage or if they get injured by a product manufactured or supplied by the insured. The policy indemnifies the settlement costs and the defense costs, up to the sum insured of the policy. Also, business loss, recall and replacement cost of the product is also paid by the policy.
Generally, willful acts, deliberate damage and intentional activity are not covered by the policy. Any illegal activity and violation of regulatory laws are also exclusions under product liability insurance. Other exclusions under this insurance include pure financial loss such as loss of goodwill or loss of market, fines, penalties and punitive damages.
Claiming for a product liability insurance plan varies with insurers. But with SecureNow the process is simpler for you. First of all, you’ll have to inform us about a claim as soon as it arises by writing to us on firstname.lastname@example.org and we’ll take it up with the insurer. Then we’ll share with you the claim for and the list of documents to be submitted. You’ll have to provide a copy of all the necessary documents to process the application along with the duly filled and signed claim form.The claim procedure involving liability insurances may take a little longer to get resolved, involving the settlement of court cases and legal jurisdiction. SecureNow will assist you in each step and help you with the claim settlement process.
A product liability insurance is a policy which indemnifies the distributor, wholesaler and retailer against various losses or damages which could arise out of the consumption or use of products manufactured, sold or distributed by them.
As a manufacturer who is supplying products, you always ...
We have specialized underwriters and tie-ups with international experts.
We work with all insurers to get you the best options- both in terms of price and features.
Cover notes are issued within hours of request. This documentation is sufficient for any contractual requirement.
We manage all aspects of your claim - from preparing documentation to follow-up with the insurer.
We will advice you on risk management best practices.
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