Don't let your creations be your worst nightmare
Don't let your creations be your worst nightmare - Product Liability
what happens when one of your products causes damage or injury to one of your clients? Successfully designing, creating, or supplying a product is the dream of every entrepreneur. Imagine creating your own cosmetic line and being able to sell it to the public.
Of course, this will be a dream come true for many. However, the bigger your product sales are, the more risk you will need to consider. For instance, what happens when there are defective product batches? Or even worse, what happens when one of your products causes damage or injury to one of your clients? If you become liable for injuries on clients due to a defect on your product, you will need to face costly legal repercussions. Product Liability Insurance will come in handy in these situations.
You might also be liable for products you sell even if you did not directly manufacture them. This will apply in situations where the product has your business name on it or when the business is in charge of repairing products that later result defective and hurt someone. For instance, if you have an air conditioners refurbishing company, after you repair and sell the product again you will be responsible for any damages or injuries that result from a defect of the product. You should also be careful when getting products from manufacturers outside your country. Sometimes you might be liable for products you did not manufacture when these products are exported from certain places outside North America that don't comply with the industry standards, or Canada government regulation.
Product Liability Insurance
Product Liability Insuranceallows you to cater for unexpected risk that might arise from your company products when these are either manufactured, imported or sold by you. It protects you against liability claims that arise from bodily injuries or property damage that these products cause to your clients. Legal costs, as well as injury compensation costs, are covered by product liability insurance. However, you might not be covered in cases where damages result from poor craftsmanship in your products.
Learn more about insurance for your products by consulting with us. Here we leave a link to our insurance inquiry form for businesses selling/manufacturing products.