Product Liability Insurance

Product liability insurance is essential for businesses to protect from any financial losses due to any damage or harm by the company’s products sold to the consumers. This is a smart decision to insure not just the business but also the product liability insurance coverage shields the consumers who utilize the products. This includes legal expenses, damage recovery costs, and product recall expenses.

With Covrzy’s Product Liability Insurance, you can secure your business in the event of any damage or harm caused due to defective products. Here are some key features of our product insurance:

• Comprehensive coverage: The product insurance by Covrzy provides comprehensive coverage to deal with legal liabilities when a defective product causes any harm or loss to the customers. The coverage includes damage recovery costs, legal expenses for fighting the lawsuit, verdict settlement costs, and third-party damage.

• Tailored coverage limits: Covrzy understands the unique requirements for your business and curates a product insurance policy that considers the risk potential, industry type and guidelines, the nature of the product, and the scale of liability. It offers a premium that will secure the company finances with a suitable coverage limit.

• Claims-made basis: With insurance operating under a claims-made basis, the product insurance policy is applicable only when the claim is issued during the ongoing tenure of the policy, provided the event occurred after the retroactive date.

• Legal Defense: The product insurance policy by Covrzy provides coverage that not only compensates for damage recovery but also offers costs for legal defense to fight claims issued by customers over product defects, ensuring the business need not spend out of pocket for legal defense.

• Supporting SMEs: Covrzy has specific policies that cater to the business requirements for medium-sized companies. With curated product liability insurance, Covrzy aims to resolve the unique operational challenges of SMEs and make comprehensive coverage easy to access and affordable for them.

• Bodily Injury to Third Parties: The product insurance covers any kind of physical injury caused by using the company’s products.

• Property Damage to Third-Party Property: For any claims about damage caused to the third party’s property, the product liability insurance will cover it.

• Legal Defense Costs: In the event of a lawsuit filed by the consumer alleging damages invoked by the product, the product liability insurance coverage will pay the legal fees for defense and also cover any potential settlement costs after the verdict.

• Product Recall Expenses: The policy provides coverage for the expenses related to recalling a faulty product.

• Design Flaws: For any claims due to a faulty design related to the product, the product insurance will cover the expenses.

• Manufacturing Defects: The policy will offer any costs incurred to manage the claims arising due to errors in the manufacturing process.

• Warning/Labeling Defects: For any claims as a result of inefficient warnings or labels, the product liability insurance will provide the required recovery cover.

• Intentional Acts: The policy does not offer coverage for intentional wrongdoing or deliberate damage.

• Known Defects Prior To Policy Inception: The product insurance policy does not cover any validated pre-existing defects prominent before the company activated the policy.

• Criminal Acts: There is no coverage for any illegal activities conducted while selling the products to the consumer or anything related to the process.

• Contractual Liabilities: The product insurance policy does not provide any coverage in case of breach of contract.

• Intellectual Property Infringement: The policy excludes coverage for any cases related to copyright infringement or patent ownership disputes.

• Product Efficacy: The product liability does not cover any cases with failure to perform as advertised.

• Pure Financial Loss: Any financial losses to the business which are beyond physical damage are not included in the product liability insurance coverage.

The Product Liability Insurance protects from businesses from any kind of legal claims arising due o injuries or damages to third party caused by the company’s products. This can have manufacturing defects, flaws in the design, or inefficient warnings and guidelines related to the usage of the product. So, when a customer files a claim due to the harm caused by a product utility, the product liability policy supports the company in this event considering the exclusions and helps fight the lawsuit. In the event, the verdict issues payment to the customer, the policy covers the same shielding the company from further financial losses.

With a customer-centric approach, Covrzy focuses on curating a tailored insurance policy that not only aligns with the industry niche of the business but also integrates the different requirements of your business to secure your futuristic vision. With the product liability insurance policy, Covrzy presents customized coverage that will secure the finances of your business Covrzy offers a streamlined claims process and guides you at every step from tailoring the policy coverage as per business requirements, initiating the claims process, documentation process, and receiving the policy benefits.

Covrzy’s Product Liability Insurance Policy provides with:

• Comprehensive coverage with flexible options.

• Affordable policy premium with a competitive market price aligning with budget.

• Expert guidance at every step of the claims process .

• Fast settlement of claims to support quick recovery of damages or loss.

The product liability insurance is vital for businesses especially for manufacturers, distributors, wholesalers, importers Amazon or other e-commerce sellers. When the customer has any harm due to product utility or endures any damage due to the product and goes ahead with a lawsuit, the product liability insurance policy supports the company with legal defense and settlement and helps in recovery of damage as well reputation.