Does Your Company Need Product Liability Insurance?
By OSAblogger on Nov 20, 2009 in Online Security Authority
You may not have considered product liability insurance if your company works in an area that doesn’t legally require it. But you may still be wise to consider it anyway. Yes, undoubtedly you produce top notch products that function well and are well made, so you might think nobody would ever have cause to sue you anyway. But there is always the possibility of human or machine error in the manufacturing process, and remember that judges are tending to grant larger and larger settlements in this litigious society. And if you ever plan to sell your products in the UK or European Union, you will be required to have the insurance.
One of the problems facing you is public expectation. People simply assume that all consumer products can reasonably be expected to work perfectly all the time. So they have little patience if they discover an exception. And of course, depending on how they discover it, particularly if it involves even a small injury, they can keep product liability attorneys very busy indeed. This is a litigious society. And given the high financial awards judges have granted in recent years, for minor injuries not to mention serious ones, product liability insurance could end up being your saving grace, albeit an expensive one.
What you need to do is assess your risk and decide whether you want to take out such insurance. Some of the assessment you can do on your own. For example, if you’re providing health products, the consequences of a product failure could be quite severe. Yet with printing books, well not so much. A bunch of blank pages in the middle of a book won’t be life-threatening, and an offer to replace the item free of charge will usually do. For other types of products though, you may need to talk to a professional, who can help you assess your liability insurance needs.
When choosing your consultation, look for an actual liability professional; someone who will have the risk ratings for all products pretty much at their fingertips. They’ll know where your own products fall in the risk assessment. You could speak to an insurance broker or go directly to a company that specializes in product liability insurance. Or you could talk to someone on the ground, an attorney dealing in product liability cases. Even if you do provide quality goods to your customers, you want to be absolutely certain you are protected if something goes wrong.
Rene Lacape is a well trained insurance broker. He has been handling many kinds of insurances for the past many years. He still does well in his chosen field and is sure to help more people who will need his expert advice. Contact him now.
Written by: OSAblogger / Bill Wardell - Please Read Our Latest OSA eZine Edition
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