Product Liability Insurance
Product liability insurance is designed to protect businesses and organizations from claims against loss, injury, or illness caused by their products. This policy can be bought separately as well as added under general liability insurance
The coverages available in this policy are:
1. Faulty product
2. Usage failure
3. Design defect
4. False/misleading marketing
5. False/misleading labels
6. Failure to warn
7. Product information omissions
The policy also has some exclusions like any other insurance:
1. Efficacy exclusions
2. Cost of product recalls
3. Lost inventory
4. Quality control exclusion
5. Reporting exclusions
6. Material exclusions
7. Employee injury exclusions
8. Vendor’s endorsement
The cost of product liability insurance depends on various factors like:
1. Business/Product Type
2. Position in the supply chain
3. Size of the company
4. Number of products
5. Quality control procedures
6. Loss control procedures
7. Claim history
To learn more about product liability insurance, follow this link: https://quotezebra.com/product-liability-insurance/
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