Public and products liability insurance helps protect your legal liability to third parties, including clients, customers and the public for injury or damage to their property, caused by your business.
Product liability insurance is designed to help protect your business if you're sued because a product you sell, assemble or supply has caused harm to a person or property.
Public liability insurance can help to protect your business from the financial risk of liability claims - giving you the certainty you need to trade with confidence.
While public and product liability insurance isn't mandatory for most businesses, it is recommended for all companies. That's because the unpredictable nature of accidents makes them hard to prevent - and - the costs of being sued can be extraordinarily high.
It will generally pay your costs of investigating, defending and settling claims, as well as any compensation payment you are found legally liable to pay. Depending on your policy, public and products liability insurance can cover
If somebody is wrongfully injured by your actions or your product, public and products liability insurance can cover you for your liability to pay damages to the claimant.
If property is damaged due to your actions or your product, public and products liability insurance can cover you for your liability to pay damages to the claimant.
Liability arising out of advertising carried out by or on behalf of the insured.
Scenario: The offshore manufacturer of your sunscreen accidentally contaminates the product with chemicals that cause customers to break out in a painful rash. They file a class suit against you to compensate them for the injury.
Outcome: Luckily, your policy covers you for the costs of going to court and the damages awarded to the customers.
*Disclaimer: The information contained in this case study is used only for the purpose of illustration. Individual circumstances, insurance and coverage may vary.
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