No matter how stringent your company is, mistakes can happen. For example, you may design or sell a product that causes a customer harm. Even if you’re not at fault, you could risk serious financial damage through legal and court costs if a customer decides to sue you.
Product liability insurance is designed to help protect your business if you’re sued because a product you sell, assemble or supply has caused harm to a person or to their property.
If your business makes, assembles, grows, promotes or supplies products to individuals or companies, you should consider product liability insurance.
Product liability is usually part of a public liability policy. It can help cover you against the cost of investigating and defending your business against a claim made against you and your product. It can also cover the cost of any damages awarded to a customer if your business is found to be at fault.
There are exclusions. There is also often a deductible or excess and limits on cover, so check with Oracle Insurance.