May your business produce or market the most successful and popular product. But its misuse or any unpleasant consequences that result from it, are beyond your control and are difficult to be predicted
This insurance is aimed at businesses that produce, trade and distribute various products such as food, beverages, machine parts, items for household/professional/industrial use, etc. A share of responsibility for a defective product can be borne by all those involved in it (raw material supplier, manufacturer, intermediary, final disposer). Hence, the need for Product Liability insurance is increasing.
This insurance covers the liability of your business against third parties and consumers for claims / damages (personal injury / death and / or property damage), that arise from any defect in the products which produces when using them or distributes them worldwide. Indicative examples of third party claims:
Losses on third party assets / property losses
Financial satisfaction due to mental pain / moral damage.
Medical expenses (doctors' fees, examinations, medicines, physiotherapists, treatments, hospitalizations, etc.)
Loss of earnings
Various expenses, such as medical care, use of a taxi or rental car, domestic helper, exclusive nurse, receiving improved food.