All companies who manufacture consumer goods need to examine whether they need to incorporate product liability insurance in their commercial package. Damages resulting from product liability may not be included in the protections offered by general liability insurance, so it’s important to make sure that your company’s operations are adequately safeguarded.
Understanding the Importance of Protection
A company who needs product liability should work with a carrier who is experienced in handling these specific types of claims. They involve a unique area of the law, and effective resolutions require specialized expertise. An experienced carrier can help you defend or settle your claim justly and equitably. Apart from litigating or settling a claim for an injury, you may need to pursue a cause of action for defamation or libel when a person portrays your product inaccurately or unfairly in a public forum.
Evaluating Your Coverage Needs
An agency that has a longstanding history of serving manufacturers will be best able to advise you about your scope of risk. Even if you’re relatively certain that you manufacture a thoroughly well-made and completely safe product, it may involve risk exposure that you haven’t considered.
You may benefit from getting expert input to evaluate your company’s operations. An experienced agent can help recommend if you need coverage and advise you on how to choose the right coverage levels.