Product Liability coverage provides protection against claims of injury or damage caused by the products the company develops, manufactures, or sells. This insurance can cover the costs associated with legal defense, settlements, and any court-ordered compensation.
Can vary significantly but often start at $1 million per occurrence with higher limits available based on the company's exposure and needs.
Deductibles
Deductibles for product liability can range significantly based on the risk, product type, and coverage amount but typically start at a few thousand dollars.
Why do you need Cyber Liability coverage:
Customer Trust
Demonstrates to customers that the company stands behind its products and is prepared to address any issues that arise.
Regulatory Compliance
In some cases, regulatory requirements might mandate that certain products carry product liability insurance.
Financial Risk Mitigation
Helps to mitigate the financial risks associated with unexpected costs from lawsuits related to product issues.
Settlements and Judgments
In the event of a settlement or judgment against the company, product liability insurance can cover these costs, which could otherwise be substantial.
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