Product liability insurance has become increasingly relevant with the rise of the gig economy and home-based businesses. If your business involves providing products to consumers, it is crucial to protect yourself against any claims of damage or injuries that may arise. While public liability insurance may cover injuries that occur at your physical premises, product liability insurance is essential to manage the risks associated with your products. To help you make an informed decision about your coverage, we’ll delve into everything you need to know about product liability.

The Basics of Product Liability Insurance

Product liability, sometimes referred to as general liability, can be included in your public liability insurance package. This coverage is designed to protect professionals who supply products to the public or customers.

Product liability can protect you from any claims of personal injury or property damage caused by products that are sold or supplied by your business. This type of policy can also shield your business by providing coverage for legal and court costs in the event of an issue.

Do You Need Product Liability Insurance?

If your business supplies products, it is highly recommended to have product liability insurance. Even if you think your product is safe, there is always the potential for errors, accidents, and product failures. A claim arising from such incidents can be costly, and even if you are not at fault, legal defense fees can add up.

Having product liability insurance can help protect your business by providing coverage against such claims, including legal defense fees. This gives you the confidence to focus on your business activities without worrying about potential financial losses in the event of an accident.

Coverage of All Essentials

It is crucial to select a product liability policy that best protects your business. You need to ensure that you are covered if a product you supply malfunctions, fails, or causes any harm. Product liability insurance can provide coverage in various scenarios, such as damage caused by software, illnesses caused by food or supplements, or injuries caused by equipment or tools.

Choosing the Right Policy

If you believe that your business requires product liability coverage, it is wise to consult a professional broker. An experienced broker can assess your risks and liabilities to ensure that you receive adequate coverage.

If you are interested in product or public liability insurance, Perth-based GSK Insurance can provide assistance. We offer access to various insurance products, including product liability insurance. Our team can discuss your requirements and recommend the best insurance package to ensure your business is fully protected.