Are your products covered worldwide? Can you sustain a recall or Prop 65 violation?
Types of Products Eligible for a ProductPak Products Liability Policy
- Beauty and Cosmetics
- Vitamins, Nutraceuticals and Supplements
- Sporting Goods Manufacturing
- Consumer Products
- Industrial Products
- Medical Devices
- 3d Printing
- Product Recall
- Discontinued Products
How does the ProductPak protect my business?
Offering a product of any type can bring great financial benefits, but it also comes with great risk. No matter what you offer, if someone is injured or even killed due to its usage, you can be held liable for damages. These amounts can quickly add up as you face a lawsuit, including lawyer’s fees, court costs, and any settlement costs. The damages could even hit the millions of dollars mark.
Whether you have a large corporation or a small start-up company, it's essential that you cover your financial risk. The best way to ensure the success of your business well into the future is with our exclusive ProductPak products liability insurance.
What is the ProductPak products liability insurance policy?
No matter what type of product that you manufacture or distribute, if it is found to be dangerous or unsafe, you can be liable for any damages. This could be injury or even death from a defective or dangerous product that is offered in the marketplace.
Product liability is when a product manufacturer or seller is found responsible in a court of law for the product that caused injury or death. While a product is expected to meet the ordinary expectations laid out to the consumer, if it has an unexpected danger or defect, then it could become a product liability issue.
Who Can be Held Liable?
For someone to be held responsible, a product has to be sold publicly. There are several different parties that can be held liable for a product issue, including:
- The manufacturer
- A manufacturer of part of the product
- A company or party who installs or assembles the product
- The wholesaler
- The retail store
Types of Defects ProductPak Products Liability Policy Protects Against
There are three main types of product defects that may lead to manufacturer or supplier liability. These are design defects, manufacturing defects, and marketing defects.
- Design defect - This is something that is in the product from the start, even before it is manufactured. This means that there is a problem in the product design that is dangerous or unsafe.
- Manufacturing defect – This is a problem that occurs during the manufacturing or the assembling of a product.
- Marketing defect – This is a flaw in how the product is marketed, such as insufficient safety warnings, instructions, or the wrong labeling.
So How Does the ProduckPak Products Liability Protect my Business?
When you have a product liability claim made against your company in court, it will instantly begin costing you money. Without insurance, you will need to pay an attorney for their professional assistance, as well as any court fees if you choose to go to court. If you choose to settle the case, it will most likely mean a cash payout to the victim, which means even more money. All of these costs can add up to millions of dollars if you do not have product liability insurance. A hit of this level of financial upheaval can significantly damage your business if it doesn't put you into bankruptcy. With product liability insurance, these costs can be taken care of.
No matter what type of products that you offer, you want to realize that you are responsible for any injury or damage that is related to your product. If a claim is filed against you, you will want the protection of product liability insurance to make sure that you can fight against the claim and keep your business solvent.
WHINS Insurance Agency provides Product Liability throughout the state of California and represents over 30 of the most well-known insurance companies in the US. As community stalwarts for many years, WHINS is a member of the Trusted Choice Independent Insurance Agents of America, the National Society of Agents for Consumer Education and the Better Business Bureau.
We will make sure you are receiving the Product Liability coverage you need at WHINS Insurance Agency - 818-233-0825.
"My company recently needed a very specific insurance policy in order for us to remain in good standing with our valued client base. We were lucky enough to put in our first call of many to WHINS. WHINS assisted me and my company in what we needed and just as importantly when we needed it....All at a great price." - Wenty M., Morris & Young LLC