Introduction
As a business owner or operator who manufactures, supplies, sells or repairs any product, you may risk facing a legal suit for compensation by customers who allege bodily injury or damage to the property of others caused by a harmful or defective product. This is more so today as shoppers become more digitally sophisticated and better aware of their rights.
The Product Liability policy seeks to cover liabilities arising out of the use of a specific product. It covers legal liabilities to the public or third parties in the event of paying out compensation and includes necessary defence costs involved, where the allegations are proven valid. This policy is tailored for a broad range of business sectors including:
- Manufacturing industries
- Distribution businesses
- Wholesale businesses
- Retail businesses
- Food industry businesses
- Power and Energy
- Transportation and Logistics
What does the product cover?
The policy covers the legal liability of the insured due to bodily injury or property damage caused by a defective product which is manufactured, distributed or sold by the insured. The primary purpose of Product Liability insurance is to help you cover your legal costs and damages should a claim arise. Knowing that you are covered gives your people the freedom to innovate and the confidence to sell. This is possible today with PromiseLand’s Product Liability insurance. Talk to us to find out more.
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