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.
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 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.
It is not enough to know how important product liability insurance is to the financial protection of your business. You also need to be aware that it is equally important to know how to select the best insurance policy for product liability issues for your business; a policy that would cover your interests in the most efficient way possible. It is also important to aim for the most cost-effective deal available.
Choosing a suitable insurance policy for product liability issues particular to you is largely dependent on a number of factors. One salient factor is the size of your product business as there are many products liability lawsuits so you need proper coverage. There are policies suitable for large product businesses, and there are policies suitable for small ones; in this regard, a decision should be guided largely by premiums levels.
Another important issue is the nature of the business. This is important because it determines the kind of harm or damage that has the highest risk of manifestation. The type of insurance policy for product liability issues chosen should be one that is able to adequately cater to this all the areas you could be held liable. For instance, if your product is food-based or cosmetic product liability in nature, the type of policy that would be advisable to go for is one that provides coverage against harmful ingredients. Products that are not ingested or consumed but are used by consumers to facilitate certain actions, and can cause physical harm, such as working tools and kitchen equipment would be covered best by the type that protects against liabilities accruing from design-related defects.
Janitorial bonds also known as bonds for cleaning service are a part of life for many small-business owners, but if you are not familiar with them, you would not know about what all they might be able to do for you and your business. However, there are many benefits you get from janitorial bonds, and some you might be shocked by. For this reason, you need to know all you can about them. I am providing a starting place today with just a couple that you really should know about. Furthermore, do some research on your own and learn what you can. For now, let’s get started on these two.
First, you get tailored, specific protection that you can’t get from any other source. The janitorial bond is designed for only one kind of business, and that is a business with a cleaning emphasis such as an office or home cleaning company. This kind of company has a severe exposure because their employees have access to valuables. When those are stolen, you need protection. Janitorial bonds give it to you.
Second, peace of mind. This might surprise you, but that’s merely if you have the tunnel vision that comes from concentrating only on the nuts and bolts of the janitorial bonding process. Think about all the worrying you won’t have to do once you have the right bond in place. That’s the hidden benefit that you can expect.