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Home » Product Liability Insurance

Product Liability Insurance

Manufacturing, distributing, and selling products comes with the responsibility of ensuring their safety. But even with rigorous quality control, there’s always a risk that something could go wrong, leaving your business vulnerable to costly claims. Best Formula Insurance understands the unique challenges of managing product risks and offers tailored product liability insurance to safeguard your business against claims related to faulty or hazardous products.

  Key Coverages of Product Liability Insurance

Defective Product Claims:
A customer could claim that a product they purchased caused injury due to a manufacturing defect. Product liability insurance covers legal fees, settlements, and judgments, protecting your business against losses from lawsuits.

Design Flaws:
Even with rigorous testing, a product could have design flaws that lead to injuries or property damage. Product liability insurance ensures that your business remains protected against costly claims and can continue to innovate.

Marketing-Related Issues:
If a product is sold without adequate instructions or appropriate safety warnings, customers may file claims related to misuse. Product liability insurance helps manage these claims and covers the legal fees and settlements involved.

Third-Party Suppliers:
Your products might include parts from various suppliers, and if any of them are defective, customers might sue your business. Product liability insurance helps you manage these complex claims, ensuring your business remains secure.

Product Recall Costs:
Recalling a defective product can be expensive and logistically challenging. Product liability insurance can help cover the costs of notification, retrieval, and disposal, as well as any associated business interruption losses.

Why Choose Best Formula Insurance?

Best Formula Insurance recognizes the intricate risks associated with manufacturing and selling products. Our experienced team can work with your business to tailor a product liability insurance package that aligns with your industry, ensuring comprehensive protection.

Reach out to us today and learn how our product liability insurance plans can help your business thrive, letting you focus on developing innovative, high-quality products with peace of mind.