Why Purchase Products Liability Insurance?

Why Purchase Products Liability Insurance?

In today’s litigious climate, any company whose business involves it in the chain of supply of products to marketplace can be vulnerable to lawsuits. To protect your company from being damaged by lawsuits, there are several available types of product liability insurance in Pennsylvania. Chose the insurance plan that is tailored to your business’s particular needs.

Who Should Buy Liability Insurance?

Even if you are not the manufacturer of the problematic product, you can still be sued if you were involved in selling or distributing the product or its parts. Any product defect can be grounds for a suit if it caused injury, whether the product was a motor vehicle or a small plastic toy. No matter what the nature of your product is, you will need to take preemptive action to protect your company from lawsuits. Products insurance liability in Pennsylvania can be customized for your business, taking into account its activity, product and foreseeable risks.

What Does Products Liability Insurance Cover?

When a company is sued for products liability, potential damages that may be awarded to the plaintiff include the plaintiff’s attorneys fees, compensatory damages such as medical bills and pain and suffering, and economic damages such as damages to property and lost earnings. Typical products liability policies will cover these damages. Depending on circumstances, your policy may also cover awards for punitive damages (generally imposed if the court finds purposeful wrongdoing or gross negligence) and breach of warranty. Find a company offering products liability insurance in Pennsylvania that will work to provide an accurate assessment of your risks and develop a policy that will protect your business.

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