Product Liability Insurance
Product Liability Insurance
Product Liability Insurance is a type of coverage that protects businesses from financial losses due to claims of injury or damage caused by products they manufacture, distribute, or sell. This insurance is vital for businesses involved in producing or selling physical goods, as it covers legal fees and compensation costs associated with product-related claims.
Main Coverages
- Bodily Injury: Covers claims for injuries caused by defective or harmful products.
- Property Damage: Covers damage to third-party property resulting from a product’s defect or malfunction.
- Legal Defense Costs: Covers legal expenses incurred in defending against product liability claims.
- Settlements and Judgments: Covers the cost of settlements or judgments awarded to plaintiffs in product liability lawsuits.