Public and products liability risks are increasing for many firms, given the tendency to source components or food ingredients from parts of the world lacking in risk management and health and safety. If something goes wrong, a products liability event can affect a company’s bank balance, but also brand and reputation. Claims in general are increasing in size, often spanning multiple jurisdictions as increasing business and technological advancements continue to increase exposures, making it ever more critical for manufacturers, distributors, and suppliers to ensure they have public and products liability cover in place.
Public liability insurance is designed to protect you against claims made by the public that they have suffered an injury or loss as a result of your business activity. Even if you don’t have visitors to your office or home, you could still suffer a public liability claim, for example if you accidentally damage a client’s property in their office. In this scenario, public liability insurance would pay out the cost of compensation to be paid to the individual, as well as the legal fees and expenses involved. Anyone working for you could also trigger a public liability claim against your business if their actions at work injure a client or member of the public.
We are able to offer up to £5Million public and products liability but also have access to facilities capable of writing up to £20Million public liability with an additional excess of loss policy.
Products liability insurance is designed to protect the end user by giving businesses the ability to quickly provide compensation if a product is defective. Though products liability largely relates to manufacturing firms, your business could be held liable for a faulty product wherever you fall into a distribution chain.
It may be important to have products liability in place if you are a:
- business making products available to the public.
- manufacturers or retailers who supplies its own-branded products.
- business that repairs, alters or services an existing product.
- company who repurposes or rebrands an existing product.
- importer of products from places where the safety requirements differ from the country it is sold in.
We understand not all businesses are the same, and neither are their requirements. Our team of specialist liability brokers are more than happy to discuss your requirements and provide a tailor made insurance solution.