Product Liability Insurance is a type of insurance that protects businesses that manufacture, distribute, and sell products from legal liability for any harm or damage that their products may cause to consumers or other parties.
Product liability claims can arise from defects in a product’s design, manufacturing, labeling, or marketing. They can lead to significant legal costs, settlements, and judgments against the manufacturer or seller of the product.
Product Liability Insurance provides coverage for the costs of defending against claims of product liability and for any damages that may be awarded to injured parties in such cases. It can also provide coverage for the costs of recalls and other related expenses.
Product Liability Insurance is essential for businesses that produce or sell goods, as it helps mitigate the risks associated with product liability claims and protects against the financial consequences of such claims.