Public and product liability insurance work in tandem to provide protection against claims for bodily injury or damage to property caused by a business’s services or products. Typically, the combined cover ranges from £1 – 10 million.
When taking out product liability cover, consider the potential size of a compensation claim and check client contracts for any required levels of product liability cover.
Another factor is the level of risk. Putting mitigating measures in place will lower the risk of a product causing harm to a person or property. For example:
• If your product needs to be installed by a qualified technician, handled with care, or kept at a low temperature, it’s important to provide adequate instructions and to keep records as evidence that the instructions have been provided.
• Always take advice on regulations that affect your product. Investigate any relevant safety standards and consider modifying your product to meet these standards.
• In the case of own-brand goods, keep detailed records of who supplied the goods, when they supplied them, and how they were delivered.