Product Liability
Product Liability
Under this type of insurance, the company is obligated to pay the amounts arising from the insured’s legal liability toward third parties (the consumers) resulting from bodily injury or property damage caused by the use of the insured product.
Coverage Includes:
- Compensation to the affected party for any bodily injuries they may suffer
- Compensation to the affected party for any material damages they incur
- Legal expenses and court fees incurred by the insured in defending against any legal claims
Product Benefits:
- Product liability insurance provides protection against lawsuits arising from injuries or deaths caused by a company’s products.
- Indemnity insurance offers coverage to protect the company against negligence claims related to financial loss resulting from errors or performance failures.
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