Product recall insurance provides protection for a company’s financial loss in the event of a product recall. It is vital for companies that manufacture, distribute, import, or sell products to have some form of product recall insurance in place. Product recalls are costly and can seriously damage a company’s reputation. The average cost of a product recall is $10 million. There are...
In this article, you will learn about product liability and its role in consumer protection. You will also be introduced to the history of product liability and its evolution in the United States and other countries. The legal framework of product liability, including the elements of a product liability claim and defenses to such claims, will be discussed. The article will also provide examples...
Before we talk about the benefits of your business having a product liability insurance policy, let’s take a look at what product liability is. The Basics of Product Liability Product liability is the legal responsibility of a manufacturer or seller of a product for any damages or injuries caused by that product. In order to be held liable, the manufacturer or seller must have been...
Lawsuits affect many companies and can use a lot of valuable time and money. One way to battle these unnecessary costs is through product liability insurance. Product liability insurance can help a company in many different situations that come up for most business of any significant size due to negligence or claims. If your company creates and sells products with care then there should be some...
There is no question about it: If you make or distribute a product, you must have product business liability insurance. You may feel that it is unlikely that your product might every hurt someone or their property, and that there is no chance of a defect in your product. However, product liability insurance protects you from an element you can’t control: how people use your product. You...
People who own and operate a business are in the position to have a great level of responsibility and accountability. The organizations of the business relationship today puts the business at risk. Partnerships and sole proprietorship have personal liabilities. The protection is given to the property of these business’ in the event of a lawsuit. A lawsuit from a person receiving injury on...
If your products cause harm to a person or damage to their possessions, you could be liable to pay for any recompense charges. Product liability can cover those costs on your behalf, helping you to avoid unnecessary expenses. You might not have manufactured faulty products; you can still be held responsible for any occurrence if you are the seller, and the product has your name on it. Therefore...
If you operate a small business, you know how important it is to handle everything with importance and to offer the best in quality and service. But you also know that no matter how hard you try to provide the best, customers can still claim that you’re at fault in a situation (even if you’re not). Nearly 80% of companies in the US are set up as a sole proprietorship or as a...
If you want to accomplish your goals of pursuing a career in real estate the expedient way to approach is a Texas Real Estate School. You cant trust all online schools as most of them just give technical knowledge to pass the license exams but to pursue a successful career thereafter one has to make a wise selection which teaches you the key essentials for success. When you track a research the...
Are you covered? Check your product liability insurance coverage. Your product liability insurance should protect your business from claims related to the manufacture or sale of your product(s) to the public. It should cover your liability for losses or injuries caused by a defect or malfunction of the product to the buyer and /or user of your product. In some circumstances, loss or injury to the...