• Products Liability

    Products Liability

    Specialist liability protection for all types of products including goods imported from China or the Far East, or exported to the USA and/or Canada.

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27
January
2016

 

What Is Products Liability Insurance?

Products liability insurance provides cover for compensation claims costs and expenses, for injury, or loss or damage to other people’s property, arising out of, or in connection with, any product or completed work for which you are responsible.

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Products Liability Insurance – Do I Need It?

Whilst products liability is not required by law, it is almost an essential purchase for any business which is supplying, manufacturing, distributing, wholesaling or retailing any products or goods. Anyone in the supply chain can be pulled into a legal action and potential injury claims and legal defence costs can be significant.

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Compare Products Liability Quotes

In many instances, products liability can be purchased in conjunction with public liability on a single policy. However, for risks with a greater exposure, a standalone products policy can be advantageous. At Insync, we can access a number of unique schemes which specifically cater for all types of product led risks, from electronic devices, vape and e-cigarettes, to food and beverage supplies. Our team of expert advisors will make it their business to help you understand your risk and compare quotations from up to 10 of the UK’s leading insurers.

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Products Liability Cover

  • Cover for all types of businesses including manufacturers, retailers, online retail, wholesalers, distributors and import or export agents
    Cover for all types of businesses including manufacturers, retailers, online retail, wholesalers, distributors and import or export agents
  • Full cover up to 100% exports to USA and/or Canada
    Full cover up to 100% exports to USA and/or Canada
  • Cover for imports from China and/or Far East
    Cover for imports from China and/or Far East
  • All trades and industries including children’s products, electronics and adult goods
    All trades and industries including children’s products, electronics and adult goods
  • Up to £10,000,000 limit of indemnity (higher limits available on request)
    Up to £10,000,000 limit of indemnity (higher limits available on request)
  • Option to include public and/or employers’ liability
    Option to include public and/or employers’ liability

Why Insync for Products Liability

  • We compare prices and cover from our panel of leading products’ insurers
    We compare prices and cover from our panel of leading products’ insurers
  • Instant quotations - cover and policy documents in minutes
    Instant quotations - cover and policy documents in minutes
  • Flexible cover & monthly payments – just pay for the sections you need
    Flexible cover & monthly payments – just pay for the sections you need
  • Expert advice from Public and Products Liability Insurance specialists
    Expert advice from Public and Products Liability Insurance specialists
  • 24 Hour Claims Helpline
    24 Hour Claims Helpline
  • Personal – Digital servicing AND your own dedicated insurance professional
    Personal – Digital servicing AND your own dedicated insurance professional

Products Liability Claims Example

Products Liability Claims Example

A mobile phone distributor imports chargers from the China, one of the devices overheats and causes a house fire. The purchaser seeks damages in excess of £350,000 for property damage and expenses from the distributor. Unfortunately, the Chinese manufacturer can no longer be traced and the entire claim now falls to the UK distribution firm.

As I Don’t Make the Product, Why Do I Need Cover?

As I Don’t Make the Product, Why Do I Need Cover?

If you are involved in the supply chain at any point, from production to retail, your business is exposed to products liability claims. In the event of an injury, the claimants legal team will simply iissue proceedings against all parties. Whilst insurers will seek to subrogate any claim against the manufacturer, should they prove to be untraceable, or have ceased trading, you may still find that you are liable as a retailer or distributor. Without adequate cover, your business and/or personal assets could be severely exposed, as such we would always recommend you purchase adequate products liability protection.

How Much Products Liability Cover Do I Need?

How Much Products Liability Cover Do I Need?

It is always difficult to ascertain exactly how much cover you should purchase. Products Liability is generally written on an aggregate basis, which means that the limit of indemnity is the maximum the insurer will pay for losses incurred during the policy period. This limit will generally also include all claimant costs, fees and expenses. As such, if you are supplying a product which could lead to multiple claims, for example multiple injuries for similar losses, then you should look to purchase a higher limit to accommodate a potential volume of claims. We would suggest you take some time to think about the maximum individual (or multiple) loss to your business, whilst ultimately purchasing the highest limit you can afford.