Liability Insurance and Company Insurance from Commercial Risks
Product Liability insurance protects a company against the financial loss which may be incurred by the manufacturer, merchant or distributor due to injury or damage from using the product. For example if a person gets an electric shock from a brand new toaster the company who manufactured the product can be liable and the injured party can make a claim for the damage occurred.
Who needs Product Liability insurance?
If your business supplies products to the general public then your business needs Product Liability insurance and needs to make sure the products are safe for the consumer. Even the shop who sells the product needs insurance and to do all they can to ensure the product is safe as they too are responsible, however the manufacturer who makes the product is mostly accountable.
How much does Product Liability insurance cost and how much insurance do I need?
The cost of the product liability insurance will depend on the product, the degree of risk, and the turnover and number of employees of the company. How do they calculate the premium? The company starts off the with the base rate and then the figure is changed depending on the individuals details for example if you have made a claim in the past, if you have made significant effort to reduce risks, and so on. If your product has high risk for injury then the insurance of it will be higher such as fireworks, childrens and baby toys, hair and skin products, and cleaning products.
As a consumer be more aware of what you buy – don’t rely on the companies Product Liability insurance
As a consumer you can start managing potential liability by paying close attention to the products that you use, for example giving a toy to a baby. The toy may claim to be safe for its age group however you can inspect the toy yourself and ensure no bits or parts of the toy are loose which the child may swallow or hurt themselves on. Only buy products from well known brands or manufacturers so you know where it is coming from, and never buy products that are exceptionally lower than the other brands, buy it a price and from a company that you feel comfortable with – its better to be safe than sorry.
- Related Videos
- Related Articles
- Ask / Related Q&A
- Personal and Business Auto Liability Insurance Policies
- Business professional liability insurance for business coach
- Liability Insurance for Small Businesses
- How Do I Know if I Need Liability Insurance?
- The Importance of Public Liability Insurance
- Liability insurance – ensuring wellbeing of a professionals’ future
- Professional Liability Insurance for the Beginners
- Public Liability Insurance-Simplifying your Business
Mexico City blazes trail with legalisation of same-sex marriage
By: john willow | 24/12/2009Gay rights activists across the world consider same-sex marriage one of their toughest goals. Only seven countries permit it: Belgium, Canada, Norway, the Netherlands, Spain, South Africa and Sweden. A handful of US states also allow it.
Deaths from H1N1 flu reach 47
By: john willow | 24/12/2009Four men with chronic health problems are the latest New Mexicans whose deaths have been linked to the H1N1 flu, the state Department of Health reported Wednesday.
Pelosi lets go of public option
By: john willow | 24/12/2009House Speaker Nancy Pelosi signaled yesterday that she is willing to live without a federal insurance option, saying the final health-care reform package will still make "a very big difference in the lives of the American people."
Huckabee rakes bill over coals
By: john willow | 24/12/2009Ben Nelson must have felt like a punching bag.
Nelson's sellout on health won't play in Nebraska
By: john willow | 24/12/2009Who knew that it would take Ben Nelson to make Mary Landrieu look like a high-minded negotiator?
Senator Coburn Calls Health Care Bill's Abortion Language A Fraud
By: john willow | 24/12/2009Democrats strike a deal to shore up the final vote they need to pass health care reform in the Senate.
25 Oklahoma school districts say they can’t meet obligation
By: john willow | 24/12/2009School districts across the state are tapping into reserve funds to survive midyear budget cuts, but some schools are considering furloughs, pay cuts and even layoffs
Jay won't support health bill if it dissolves CHIP
By: john willow | 24/12/2009Over the weekend, Sen. Jay Rockefeller said he couldn't support a national health-care reform package if it repealed the Children's Health Insurance Program
Business Insurance – the Frequently Asked Questions
By: Diana Wright | 19/01/2009 | InsuranceSome frequently asked questions and their answers for business insurance.
What are the Common Pitfalls When Purchasing Hotel Insurance?
By: Diana Wright | 19/01/2009 | InsuranceBuying hotel insurance can be somewhat overwhelming here are some common pitfalls to avoid
What General Exclusions Should I Look Out for When Browsing for Restaurant Insurance?
By: Diana Wright | 19/01/2009 | InsuranceSome examples of exclusions to look out for when searching for your restaurant insurance policy
What Companies Offer Restaurant Insurance?
By: Diana Wright | 19/01/2009 | InsuranceWho offers restaurant insurance, where the best place to find the best companies is, what is generally included in the policy and what to look out for.
Caravan Park Insurance – What to Watch Out for
By: Diana Wright | 19/01/2009 | InsuranceCaravan Park Insurance – what is generally included, other amenities to think about on your caravan park
Restaurant Insurance – What You Need to Know
By: Diana Wright | 19/01/2009 | InsuranceEverything you need to know and ask your insurance company about Restaurant Insurance
Liability Insurance - Exclusions and Inclusions
By: Diana Wright | 19/01/2009 | InsuranceIt is very important to check the exclusions and inclusions of your liability insurance policy to ensure you are covered for certain events taking place.