Product Insurance For Small Business
Even if your business does nothing wrong you could still be sued over a product defect in an item you.
Product insurance for small business. General liability insurance costs vs average claim costs. The cost of product liability insurance depends on your risk but premiums generally run between 15 cents and 1 50. Product liability insurance protects a company against claims or suits arising from the company s products whether they were made by the company or sold by them. For example if you sell a toy that causes injury because of a fault product liability insurance can cover the resulting claim.
A fidelity bond is an insurance product that protects a business from any financial losses they are subjected to as a result of fraudulent or dishonest acts committed by their employees. How much is product liability insurance for a small business. Product liability insurance can help protect you in the event that your business faces a lawsuit. Product liability insurance covers you for the costs associated with claims of illness injury or damage to property caused by a faulty product your business made supplied or sold.
Insurance guides business insurance product liability insurance cost for small businesses that manufacture install or sell any type of product the liability risk can be daunting especially when you consider product recalls or liability lawsuits. One law firm found the average jury award in product liability lawsuits in 2012 was 3 439 035 with the median award totaling 1 503 339 20. Product liability insurance protects small businesses against lawsuits related to their products. If you want to find out the price of adding public and product liability to your direct line for business insurance policy just get a quote.
If a product causes harm product liability pays the injured party s medical or repair bills as well as the business s legal fees. In 2014 there were 58 496 personal injury product liability cases a 20 increase from 2013. General liability insurance is a fundamental business policy because it covers events that may happen to any business owner like injuries and property damage you cause people who aren t your employees. Product liability insurance protects against claims for personal injury or property damage caused by a product your business designed sold or supplied.
Hiscox will build product cover into your public liability policy and we can tailor the level of protection you need to fit with your business up to 10m if required. This bond will protect you should your employees engage in activities such as embezzlement identity theft or other fraudulent dishonest activities. The cost of product liability insurance will depend on the size and type of business you run. It s also important for retailers who can be held liable for injuries caused by items they sell.
Product liability insurance covers a business s responsibility for the products it makes or sells.
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