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Product Liability Insurance For Small Business

If your company manufactures, wholesales, distributes, imports or retails a product you may be liable for its safety. Products may include food, medicines, machinery and toys.

A product liability insurance policy protects you against claims and financial loss as a result of a defective product that causes injury or bodily harm. The injuries include that of a buyer, user or anybody as a result of a defect or malfunction of the product.

Even if a product has been discontinued, there are still items out there in circulation being used by customers therefore the liability continues.

Many small business owners think because they didn't actually manufacture the product and are only part to the distribution they are exempt from any claims. Retailers and wholesalers are often brought into a lawsuit by the consumer (or their attorneys) for alleged negligence.

The amount of insurance coverage required depends on the types of products you sell or manufacture. A book store for instance would have far less risk than if you owned a small appliance store.

The main areas of concern where you may face potential product liability are manufacturing or production flaws and design defects.

Defective warnings and instruction are also cover by product liability insurance as in the much publicized McDonald's coffee case. A lady spilled hot coffee on herself and a jury awarded her $200,000 in compensatory damages -- reduced to $160,000 because the jury found her 20 percent at fault -- and $2.7 million in punitive damages for McDonald's callous conduct. The trial judge reduced the punitive damages to $480,000.

On a side note the lady offered to settle for $20,000 but McDonald's refused!

The damages awarded in these types of claims include medical costs, compensatory damages, economic damages, and, in some instances, attorneys' fees, costs and punitive damages.

Product liability claims can and do put companies out of business.

Product Liability—Free Insurance Quotes—Are You Fully Protected?

If you are not sure of you are fully protected now is the time to find out. Get free insurance quotes at no obligation for your product liability coverage.

As business conditions change, we recommend that your policy be reviewed on an annual basis to ensure that your coverage is adequate.

At we have strong relationships with leading carriers in the country for product liability insurance. That gives us the contacts, knowledge and resources to research the right provider at the right price to provide the best product liability insurance for your company.