- What is product liability insurance?
- Do I need product liability insurance in the UK?
- What kind of businesses need product liability insurance?
- Am I a manufacturer or a retailer?
- Duty of care for selling goods
- What does product liability insurance cover?
- How much product liability do I need?
- Things to consider when buying product liability insurance
- Product liability insurance from Towergate
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What is product liability insurance?
Product liability insurance protects your business should a customer incur damages as a result of a fault with the product you have provided them with. It covers liability for compensatory costs, legal fees and any other costs associated with the case. It's crucial to ensure that you are covered should the unthinkable happen and a customer is injured as a result of a faulty product sold by your business.
A compensation claim for a faulty product can be brought against a manufacturer any time within three years of using the product, and in some cases even longer. This means that you should keep your cover going in gaps of manufacturing or if you stop trading altogether.
Each claim is treated on a case by case basis and has no legal limit for much it might costs. Cases are calculated based on the severity of the individual case and scale of loss. This means you must carefully consider the level of cover you need so as not to be underinsured.