Building a successful business takes hard work. Protecting your business and its future is one of the highest priorities for any successful owner. For manufacturing companies, product liability risks can be some of the most expensive business claims. That is why it is so imperative to find the right insurance coverage to protect you and your company.
The type of business you own and the forms of services you provide will help determine your needs. Product liability coverage is necessary for companies that make, distribute, or sell a product because these companies are often liable for its safety. This type of insurance helps prevent a financial loss if the product is defective and causes injury or harm to the consumer. The amount of product liability coverage you need varies by the severity of your company’s risks.
Common complaints filed against these types of businesses include: manufacturing or production flaws; design defect; and defective warnings or instructions. You can be held responsible and face a lawsuit if your product contains a flaw that injures a consumer or damages their property. You could similarly be held liable if the product did not include clear instructions as to its use or warnings about known issues.
As a successful business owner, you ensure the quality and safety of your products and services. Accidents and oversights by employees can and do happen, however, and you want to protect your company from legitimate lawsuits. Product liability coverage as part of a manufacturing insurance package does just that. This type of insurance helps cover any legal defenses and judgments should your business be held liable for injuries or damages caused by your product or service. In today’s litigious society with multi-million dollar payouts for lawsuits filed against businesses, it is coverage that could mean the difference between a slight speed bump to your business future, or closing the doors.
Tidwell Agency Insurance agents are always available to answer any questions you may have about your business’ product liability needs. These experienced agents can suggest coverage options best suited to your unique business to limit your liability exposure. Contact us to compare a variety of quotes from a number of providers, ensuring the product liability coverage you choose offers the best protection at the most competitive rates.