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Product Liability Insurance

Got Supplier Insurance Requirements?

You can't make the sale unless you get on the approved supplier list. Many retailers and wholesalers have very intense insurance requirements including Product Liability. Let us guide you to the Business Insurance protection you need to qualify.  
 

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Ready to Start a Product Liability Insurance Quote?

 Product Liability Insurance Quote Request

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Product Liability 

Normally, Product Liability is included in the General Liability package for most businesses. However, product manufacturers are often in a different situation and must get a stand-alone Product Liability Insurance plan that is focused on the risk of the products sold.

Claims Made vs. Occurrence Form

Manufacturers typically are offered the more restrictive "Claims Made" General Liability form because of the Product Liability issues. An "Occurrence" General Liability form will respond to an accidental event that occurs during the time the policy is in force and reported subject only to the statue of limitations for civil action. A "Claims Made" General Liability form will respond to an accidental event that occurs during the time the policy is force or its retroactive date and also reported during the allowed reporting period. A normal reporting period is the policy term plus sixty days. A "Claims Made" General Liability policy can lead to an additional vendor requirement of "Tail Coverage" (extended reporting period for claims) which can be an additional large expense.

Important Terms for a Claims Made Policy

Retroactive Date - When you buy a renewal of your Product Liability Insurance contract, you want to include your prior policy period in your new plan. This so-called "Retroactive Date" is the start of your continuous coverage. If a product claim erupts that happened in this prior contract period (i.e., after the "Retroactive Date") but is reported during the current policy term, the current Product Liability policy will respond to it. Insurance companies will rate for this added retroactive exposure.

Standard Reporting Period - The time during which the insurance company will respond to a reported claim. This is normally the policy term plus sixty days beyond the expiration of the policy.

Tail Coverage (Extended Reporting Period) - This is an extended reporting time period that can be purchased when a policy is not renewed in which a claim during the policy term can be reported and the insurance respond. Tail Coverage is typically sold in year increments and is often quite expensive. 

BUSINESS INSURANCE FOR START-UPS

Your business is ready to launch, so what insurance do you buy?

INSURANCE FOR  MANUFACTURERS

A manufacturer can have several additional risks and insurance requirements beyond most business.