Etini
Valued Contributor
We have heard of different kinds of insurance that is necessary for a business to have ranging from Workers Compensation Insurance, Car Insurance and the lots. But one of the most important insurance policies that a business should have is, "Products Liability Insurance". This policy covers against any liability that might occur as a result of your product having an adverse effects on a customer/patron.
We have to maintain high quality standards as business people at all times. Most businesses strive to. But you cannot completely rule out minor glitches that may happen and your product ends up having to cause a bad effect on your customers. The Samsung Galaxy phones that were exploding some years comes to mind.
What product liability insurance does is to prevent the business from claims that may arise from such occurrences. The insurance company would pay for all litigations arising from that and the subsequent damage sum awarded.
We have to maintain high quality standards as business people at all times. Most businesses strive to. But you cannot completely rule out minor glitches that may happen and your product ends up having to cause a bad effect on your customers. The Samsung Galaxy phones that were exploding some years comes to mind.
What product liability insurance does is to prevent the business from claims that may arise from such occurrences. The insurance company would pay for all litigations arising from that and the subsequent damage sum awarded.
