Since the era of industrial revolution which in turn produced a more consequential phenomenon globalization, there have been more goods produced than ever before in the history of the world.
It is the beginning of a new era, the era of mass consumerism. One where we now have to worry about dealing with:
- Product Defects
- Failure to Warn of Liability
- Products Liability Claims
- Dangerous Product Recalls
When buying any product as a consumer, you may be worried about the safety or reliability of the product. One thing you may choose to do is to look for any kind of product liability insurance coverage proof on the label or companies website.
Not always but sometimes, if the product is covered by liability insurance, it will be noted on the label.
For some items you can find the information on the back of the product package usually near to the bar code.
That legal disclaimer can be important if you want to get your money back or send the product back to the manufacturer for an exchange if defective.
This complex process has caused several headaches for most manufacturers and sellers who are now increasingly liable for the product they have produced or sold.
This intricacy is referred to as product liability, which simply is the legal liability that forces a manufacturer or seller to be held against any damage caused by goods produced or sold to a consumer or third party.
This is why getting a product liability insurance policy from SADLER has become more important than ever before, it is, in fact, the only protection for any manufacturer or seller who doesn’t want his or her business to, suddenly fall into bankruptcy.
There are many benefits that could be derived by businesses that purchase product liability insurance, among them are:
- Apart from the fact that getting product liability insurance will protect business owners from liabilities; it can also help to ensure that goods produced are safe and meets the customers needs and regulator’s specifications. This is because sellers are more careful with their insurance contracts so as not to attract high premiums or even outright contract termination.
- Product liability insurance can also offer an extra warranty for businesses who will want to avoid lawsuits at all cost, especially from customers who find a product defective.
- Finally, business is always about reputation, and when it is lost, it may never be regained. Getting a product liability insurance coverage will guarantee that your business reputation is consistently intact.
The product liability insurance that is provided against defective products usually covers the return of the purchase price or a replacement. If you need further information, you may need to consult a lawyer.