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Complete Breakdown of Product Liability Insurance and Why You Need It In 2021

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Don't struggle to get the best insurance agent in your locality, visit https://insurance.agencyheight.com/ and have the liberty to choose between multiple insurance agents.



If you want to find out more about product liability insurance click: https://www.agencyheight.com/product-liability-insurance/



The slide is about product liability insurance but also try to cover the following subject:

- Cost of product liability insurance

- Product liability insurance costs

- Food product liability insurance

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Complete Breakdown of Product Liability Insurance and Why You Need It In 2021

  1. 1. Complete Breakdown Of Product Liability Insurance And Why You Need It In 2021​
  2. 2. What Is Product Liability Insurance?​ • Product liability insurance is an important aspect of doing business. ​ • It helps protect your company against being sued by customers, clients, or consumers.​ • Product liability insurance provides protection from lawsuits that may arise as a result of the sale of faulty products.​ • The U.S. has some of the strictest laws regarding product liability.​
  3. 3. Who Needs Product Liability Insurance?​ • Manufacturers​ • Retailers And Wholesalers​ • Trade People​
  4. 4. Insurance Policies That Include Product Liability Insurance​ • General Liability Insurance​ • Errors And Omissions Insurance ​ • Professional Liability Insurance​ • Business Owners Policy (BOP)​
  5. 5. What Does It Cover?​ The policy covers: ​ • Damage to someone’s property​ • Bodily injury​ • Someone getting sick​ • Wrongful death​
  6. 6. What Are Some Exclusions?​ Exclusions from the policy include:​ • Product recall costs​ • Employee injuries​ • Damaged products​ • Accidents involving customers (which have nothing to do with a product)​ • Quality and performance issues​ • Intentional violation​ • Losses​ • Third party liability​ • Redesign costs​
  7. 7. How Much Does Errors and Omissions (E&O) Insurance Cost? • The average cost of product liability insurance is $1,192 yearly.​ There are many factors that determine product liability insurance costs. These factors are: ​ 1. Nature Of Business ​ 2. Position In Supply Chain ​ 3. Business Size ​ 4. Products ​ 5. Quality Control ​ 6. Loss Control ​ 7. Claim History ​
  8. 8. Protect your business by investing in product liability insurance. Get in touch with us to discover the liability coverage that suits your needs.​

Don't struggle to get the best insurance agent in your locality, visit https://insurance.agencyheight.com/ and have the liberty to choose between multiple insurance agents. If you want to find out more about product liability insurance click: https://www.agencyheight.com/product-liability-insurance/ The slide is about product liability insurance but also try to cover the following subject: - Cost of product liability insurance - Product liability insurance costs - Food product liability insurance

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