A business’ product liability insurance can protect the consumer by providing coverage for things such as:
Covering Legal Costs: The insurance can cover the costs of legal representation and any other expenses associated with the case, such as hiring expert witnesses or gathering evidence. This can help alleviate some of the financial burden to which you may be subjected.
Providing Compensation: If the case is successful, the insurance can provide you with compensation for any damages that you may have incurred as a result of the defective product. This can include medical expenses, lost wages, and other costs related to the injury.
Faster Resolution: Having insurance may lead to a faster resolution of the case as the insurance company may be more willing to settle the case out of court, rather than risk a costly trial.
Holding the Manufacturer Responsible: In some cases, the manufacturer of the product may not have the financial resources to compensate the plaintiff. However, with product liability insurance in place, the plaintiff can still be compensated for their injuries.
It’s worth noting that product liability insurance does not absolve a manufacturer from their responsibility to make safe products. It only helps to cover the costs of the damages in case something goes wrong and offers you, the consumer, potential compensation.