Selling products can present special problems if you don’t have proper product liability insurance coverage. There is an increasingly high cost of court awards of damages and because of the public high expectations of product safety and physician performance. An additional problem for product liability insurance is that the courts have tended to award damages even in cases where the product was willfully misused.
To help you reduce the risk of sourcing products in China, Alibaba and AIU branches in China have worked together to provide export product liability insurance solutions, as well as educational workshops to China’s small to medium-sized enterprises (SME). By providing you and your suppliers with insurance from a leading U.S. insurance carrier at competitive terms and conditions, we will help you purchase more products in China with less risk.
Business Product Liability Insurance is the very important aspect to be considered when you are going to start a new small business. Even the new businessmen should take notice of it if they want to secure their business.
Liability insurance for products means insuring the products, goods manufactured by your company which other people will use.
For example, if your company manufactures power regulating devices and somehow that device fails and causes damage to the property of the person who has bought it, then the person can file a claim in the name your company against the damages done.
However, if your products are insured, then the insurance company will take care of the damages done. Even if you follow best practices in your manufacturing unit, it is always advisable to go for product liability insurance. One can never tell when the worse is going to happen. Your products can get damaged because of breaking, poor shipping, but ultimately you will be at the losing end if your small business product liability insurance is not done.
Running a manufacturing unit is not that easy. The product before finding itself in the hands of customer passes through many hands and you cant say when the product is damaged. Once a customer receives a faulty product, causing damages to his or her property, you can find yourself in a very awkward position knowing nothing but being responsible for the damages indirectly. To ensure your safe financial position in those hard times, products liability insurance can do the magic trick for you.