As a business owner, it’s important to protect your company from any potential risks that could arise from your products. One way to do this is by obtaining product liability insurance. But how do you know if your business needs this type of coverage? In this blog, we’ll explore the benefits of product liability insurance, what it covers, whether it’s part of general liability insurance, and how to get it.
What Is Product Liability Insurance?
Product liability insurance is a type of coverage that protects businesses from financial losses due to legal claims made against them for injuries or damages caused by their products. This type of insurance can cover the costs of legal defense, settlements, and judgments that arise from product-related claims.
What Does Product Liability Insurance Cover?
Product liability insurance covers claims that arise from the use of your products. These claims may include injuries, illnesses, or property damage that are caused by your product. This type of insurance can cover the costs of legal defense, settlements, and judgments that arise from product-related claims.
Is Product Liability Insurance Part of General Liability Insurance?
While general liability insurance covers a broad range of risks that businesses face, it typically does not provide coverage for product-related claims. Product liability insurance is a separate type of coverage that specifically covers claims related to your products.
How Much Does Product Liability Insurance Cost?
The cost of product liability insurance can vary depending on the size of your business, the type of products you sell, and the amount of coverage you need. Small businesses with low-risk products may be able to obtain coverage for a few hundred dollars per year, while larger businesses with higher-risk products may need to pay thousands of dollars per year for coverage.
How to Get Product Liability Insurance?
To obtain product liability insurance, you’ll need to contact an insurance provider that offers this type of coverage. The provider will typically ask for information about your business and the products you sell in order to determine the amount of coverage you need and the cost of the policy. It’s important to shop around and compare quotes from multiple providers in order to find the best coverage and rates for your business.
Cover Your Product Liabilities with Duane Weber Insurance
With over 50 years of experience, Duane Weber Insurance provides personalized insurance solutions for businesses of all sizes. Our team of experts can help you navigate the complex world of insurance and find the coverage you need to protect your business from risks. Contact us today to learn more about our product liability insurance offerings and how we can help you protect your business.