Product Liability OR Product Recall Insurance

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Product Liability Product liability refers to a manufacturer or seller being held liable for placing a defective product into the hands of a consumer. Insurance coverage protecting the manufacturer, distributor, seller, or lessor of a product against legal liability resulting from a defective condition causing personal injury, or damage, to any individual or entity, associated with the use of the product. This type of business insurance covers the cost of compensation claims if someone is injured or their property is damaged by a product that a manufacturer/producer has sold. Product liability insurance covers liability for compensatory costs, legal fees and any other costs associated with the case. You and I do not legally required to hold product liability insurance, but as a seller, supplier or manufacturer do, this is because they owe a duty of care towards their customers. #benewinsurance #insurtech #inclusiveinsurance #insurance #reinsurance #takaful

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