Products Liability Insurance - Products Liability Insurance Coverage

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Products Liability Insurance - Products Liability Insurance Coverage

Liability Insurance for Products you design, manufacture and distribute.

Designing, manufacturing or distributing a product is an exciting venture. However in our complicated world simply selling a product has become cause for concern.  So much so that many wholesale and retail operations and venues require that you as the manufacturer, distributer or wholesaler have products liability insurance on the items you develop.

What is Products Liability Insurance?

Products Liability Insurance Coverage covers the policy holder in the event that a suit arises out of the use of the insured's products.  This can be loss to personal property, business property, injury or death. These items may be clothes, toys, tools, building materials, electronic devices or even pet food or supplies.

What does Products Liability Insurance cover?

Liability insurance is designed to protect the business against losses even if they are negligent or liable for damage, injury or loss to another's property. Typically, damages, legal defense fees and settlement charges are paid by the insuring company when a claim is filed against the business as a result of a Products Liability Suit. Products liability insurance will cover the insured for suits that arise out of damage or injury of use of a product that the holder of the insurance policy manufactures or sells.

Bodily Injury

Liability coverage may pay the affected person or firm for the cost of care, the loss of services and restitution for death that results from an injury.

Property Damage

In the event your business causes damage to, or causes the loss of use of someone else's property, property damage coverage may pay for the value of the physical damage to the property; or the loss of use of that property.

Who Should Have Products Liability Insurance?

Anyone that is responsible for the design, manufacture, sale or distribution of a component or end user product. This applies to any business or individual that manufactures his own product or even if the product is manufacturing is subcontracted out buy another operation, even if the operation is overseas.

How is a Products Liability Insurance Policy Rated?

A Products Liability Insurance Policy is rated on several factors.

  • What is the product you are covering
  • How many of these products will be distributed into the market
  • What are they used for and who will be using them
  • How long are they intended to last
  • What are they made of
  • How clearly defined are the usage instructions, directions and guarantees and or warantees that are provided with the product
  • What claims does the manufacturer or distributer make about the product, either in writing, demonstration or in media.

Because every product is different, underwriting a products liability insurance policy is complicated.

If you need a quote on Products Liability Insurance Coverage, please contact us for a quote . 

As many people have already found out, Castle Rock Insurance Agency is the best stop for a quote on their Products Liability Insurance.  We are the low cost solution for your Products Liability Insurance Policy. Castle Rock Agency currently offers Products Liability Insurance Policy Coverage in New York, NY, New Jersey, NJ and Pennsylvania, PA.

 

Castle Rock Insurance Agency - Products Liability Insurance Coverage
Products Liability Insurance

 
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