It has been several hundred years since the industrial revolution rocked the fabric of the world. The production of goods in mass quantity has gradually increased due to technology and the complementary increase in demand from potential buyers.
Manufacturers, designers and distributors of goods are increasingly enjoying the rewards that mass business brings; but are also exposed to the increased risks that consumerism has brought.
The risks of selling or distributing products to people nationally and internationally can be enormous; this is why product liability insurance coverage was designed to mitigate the damaging effect of these imminent risks.
Product liability insurance aims to protect businesses policyholders from the legal tangles and consequences that may arise when a customer suffers a loss gets dissatisfied or injured by using a product.
These claims can result from loss to properties, injury or even death. Product liability insurance is potentially critical to any business; it protects it against losses, whether they are legally negligent and liable or not. It covers for costs such as legal defense fees, compensation costs, and any other related fees that may arise from a claim or liability.
Product liability can even protect huge chains of businesses from potential loss and liabilities, because there are several lines of exposure, from the manufacturer to the trade name, and the importer of the product.
All these businesses could suffer huge financial loss if there is no liability insurance in place. It is a wise decision to shop around and find a policy that will cover your type of business against potential financial disaster.
To know more about product liability insurance, you may visit: Products-Liability-Insurance.com and apply for coverage today.