Does Your Company Need Product Liability Insurance?



You may not be legally required to get product liability insurance for the things your company makes or sells. And you may think that you probably don’t need it anyway, since you’re a producer of quality products that are made well and don’t malfunction. But you should never overlook the fact that things can always go wrong, especially when you’re dealing with human beings and machines. And don’t forget that if you sell products in either the European Union or the UK, then you don’t have a choice; you must have the insurance.

If it were a matter of “not sweating the small stuff,” then insurance coverage might not be such an issue. But in a litigious society like ours, with product liability lawyers kept constantly on the go with customer lawsuits, even slight malfunctions in consumer products end up in court. And with judges granting larger and larger financial awards in recent years even for minor injuries, you end up not only needing product liability insurance, but paying a high price for it as well.

What you need to do is assess your risk and decide whether you want to take out such insurance. Some of the assessment you can do on your own. For example, if you’re providing health products, the consequences of a product failure could be quite severe. Yet with printing books, well not so much. A bunch of blank pages in the middle of a book won’t be life-threatening, and an offer to replace the item free of charge will usually do. For other types of products though, you may need to talk to a professional, who can help you assess your liability insurance needs.

When choosing your consultation, look for an actual liability professional; someone who will have the risk ratings for all products pretty much at their fingertips. They’ll know where your own products fall in the risk assessment. You could speak to an insurance broker or go directly to a company that specializes in product liability insurance. Or you could talk to someone on the ground, an attorney dealing in product liability cases. Even if you do provide quality goods to your customers, you want to be absolutely certain you are protected if something goes wrong.

Do not waste any more minute moping around and trying to wait for the agent to come along. Check the internet and contact Rene Lacape now. He is one of the best agents in the insurance industry. Be one of the many satisfied clients of his.

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