Product Liability

This type of insurance protects businesses from financial losses arising from lawsuits alleging their products caused bodily injury, property damage, or even death. It covers legal defence costs, settlements, and judgments awarded in such cases.

While not always mandatory, it's highly recommended for most businesses selling tangible products. Even seemingly safe products can lead to unforeseen claims, and the financial consequences can be devastating without insurance.

Several factors impact the premium, including high-risk industries like pharmaceuticals, which typically pay more. Past claims or lawsuits increase costs. More complex or potentially dangerous products incur higher rates. Higher limits lead to higher premiums.

Policies often exclude intentional misconduct, product recalls,pollution-related damages, employee injuries, intellectual property disputes, etc.

Businesses can minimise risk by implementing strict quality control measures, obtaining proper safety certifications, and offering clear and accurate product warnings and instructions.