Regardless of what a business sells, or what services it provides or even what industry it operates in, there is likely some form of liability risk that must be considered and addressed.
When it comes to liability insurance, there are many varieties that a business should take the time to research and understand to determine the particular protections that might be needed.
Product Liability
This provides cover to protect businesses involved in the design, production or distribution of goods. A claim may be filed against a business if a defective or mislabelled product causes personal injury or property damage. Even if the businesses involvement was only transporting or storing a product, the business may still be held liable. Common types of product liability claims can include:
Design defects – These claims can come from a product that has a design flaw, and makes it unsafe.
Defect in Production – These claims can come from a mistake made during the production process of the goods, such as a malfunction at a factory.
Inadequate warnings or instructions – These claims can come from a product being mislabelled or not having adequate instructions regarding its safe and proper use.
For more information around Products claims please visit our blog on this… www.planinsurance.co.uk/blog/product-liability-important/
Public Liability
This provides cover for claims that stem from an allegation that a business is liable for an incident that took place on its premises, or that may have been caused by employees visiting a customer for work purposes. Common types of public liability claims can include:
Damage to Property – If a business or employee causes damage to another party’s property, such as damaging a wall while installing some equipment, the damage caused could lead to a claim.
Personal injury – If a visitor or customer was to suffer an injury on your premises, perhaps due to slipping on a wet floor, then you may be held liable.
Third-party damage – In the event of any injury or property damage to a party that was not directly involved in what your businesses were working on, such as faulty plumbing work for a customer, which caused water damage to a neighbouring property.
Conclusion
Public and Products Liability cover is something which all businesses should consider and discuss with their broker to ensure the cover meets their business activities.
To discuss your options contact us today.