Product Liability Insurance Coverage
Are you a manufacturer, distributor, supplier, or retailer who makes products available to the public? Then you are held responsible for the injuries those products cause. Product liability insurance will protect you from claims resulting from negligence, strict liability, or breach of warranty of fitness. Translated to products liability terms, a defendant is liable when it is shown that the product is defective.
Product liability refers to the liability of any or all parties along the chain of manufacture of any product for damage caused by that product. This includes the manufacturer of component parts (at the top of the chain), the assembling manufacturer, the distributor, the supplier, and the retail store owner (at the bottom of the chain).
It is irrelevant whether the manufacturer or supplier exercised great care; if there is a defect in the product that causes harm, he or she will be liable for the defect.
Other Coverage
On top of your regular product liability insurance policy there are some additional policies that you may need to make sure that your business is fully covered.
Workers Compensation
This coverage is a requirement in most states if you have employees. It provides coverage for bodily injury, medical bills, loss of income, death for all employees, full time or part time.
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Professional Liability
This coverage will provide defense against negligence claims made by a client. This is also known as Errors & Omissions insurance.
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Inland Marine (Property)
This provides coverage for your business property for fire, theft, vandalism on premises, or if Inland Marine while off premises. If you cannot afford to lose your inventory to theft or fire, this is an important coverage to purchase.
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Commercial Auto
Your personal auto policy has an exclusion for business use so you will have no coverage under your current auto insurance policy. A commercial auto policy will cover you for both business use and personal use. If you use a trailer to carry your rentals to the location add this unto your policy.
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