By and large, it is customary for business owners to choose general liability insurance as it is the most widespread form of business insurance. Furthermore, most believe that general liability insurance will adequately protect their establishment against legal ramifications.
Although, this belief has substance, it would behoove business owners to examine and compare variations of coverage provided by both general liability insurance and product malfunction liability insurance.
As a rule, general liability insurance encompasses extensive topics involving legal responsibility as well as some degree of product liability. However, it fails to include any type of professional indemnity coverage; that is lawsuits. In the same way, product liability insurance weighs in the probabilities and risks that will have an adverse effect on their business.
Thus, product liability insurance is fashioned to save the product-based businesses against legal proceedings and claims of injury or damage to property evolving from the use of alleged defective products.
Consequently, business owners should incorporate product liability insurance into their insurance portfolio. Most importantly, product liability insurance acts as a shield or proper dressing of protection for business owners who markets, delivers, or engages in the transaction sequence of merchandise.
In view of that, small business owners should reflect on potential financial drawbacks and harm to their establishments if they fail to secure product liability insurance coverage.
Getting coverage is easy – just contact SADLER for a quick online quote. The benefits of coverage surely outweigh the consequences. The risks are insurmountable but not without a viable resolution.