Product Liability Insurance

Running a profitable business is difficult, and owners have a lot of things to juggle. From creating excellent products to keeping employees happy, the work never ends. There are a lot of considerations to bear in mind to make sure you are safe and operating legally. To that end, product liability insurance may be an essential item for your business. 

Here at Lake Region Insurance Agency, we have the tools you need to access the most suitable policies. Our team of independent agents will help you get the right coverage to provide the protection you need.

What Is Product Liability Insurance?

If you run a business that produces, distributes, or sells items, you have a responsibility to your consumers. As hard as you work to keep everything safe, you can be held liable if things go wrong. If your product injures a consumer or damages their property, product liability insurance kicks in. It will help protect you financially.  

This type of policy can include payment for legal costs arising from lawsuits. If someone sues your company due to injury or damage caused by your product, the liability plan will help pay the expenses.

Legal fees and settlement costs can soar into the hundreds of thousands of dollars, so having a policy in place is crucial. Without proper protection, these expenses can end your business.

It’s critical to note that product liability insurance does not cover employees who get hurt or sick while working at your company. Be sure you talk with your insurance agent about other policies you may need.

Do I Need Product Liability Insurance?

If your product causes injury or damage, the burden of responsibility will most likely be on your shoulders. In some cases, you even could be liable if you are not the manufacturer. If you sell the product, and the original creator is no longer in business, you could find yourself responsible. Similarly, if the product bears your brand or business name, you could face a lawsuit.

How Much Coverage Do I Need?

The amount of product liability insurance needed varies from business to business. When you work with your Lake Region agent, they will go over many components of your business, such as:

  • Value of assets
  • Volume of production
  • Location
  • History of claims
  • Annual revenue
  • Risk category

All of these pieces will help determine which policy gives you sufficient coverage. Regardless of their size, any business that makes, distributes, or sells products needs to have a plan in place.

Time To Get Protection

Product liability insurance is crucial for your business. If a lawsuit hits you, the resulting costs have the potential to bankrupt the company. The right policy offers protection and financial security and can be the difference between your business surviving or not.

Here at Lake Region Insurance Agency, we have the team, expertise, and tools you need. We will build a comprehensive plan that offers you proper protection. Get in touch today for a free consultation and take the first steps toward peace of mind and financial security for your business.

 

 

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