If your business provides products to your customers, it is essential that you have Product Liability Insurance to protect you against claims of personal injury and/or property damage caused by products that you supply.
Product liability insurance coverage includes injury or damage caused by such things as manufacturing defects, faulty control software, toxic chemicals in a product, an injury caused by misuse of the product (even if it is not your fault), and illnesses caused by food, beverages or supplements.
Product liability insurance cost depends on the type of products you sell, the volume of sales and your position in the supply chain, but it is insignificant when compared to the cost of a successful litigation against you.
Generally, product liability automatically come with public liability insurance policies, but it can be purchased separately.
To obtain a quote for Product Liability Insurance tailored to your business,
call Melbourne Insurance Brokers on (03) 9686 0688.