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Product Liability Insurance

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Product liability insurance protects manufacturers and sellers against lawsuits arising from the manufacture or sale of a company’s products. It covers liability for bodily injury or property damage a third party might sustain due to a product defect or malfunction.

Product Liability Claims

Retailers, wholesalers, distributors, and resellers, as well as manufacturers, are vulnerable to product liability lawsuits. These claims are typically based on alleged manufacturing defects, design defects, or defective or insufficient warnings and instructions.

Damages awarded in a product liability lawsuit may include medical expenses, lost wages, and pain and suffering. Punitive damages (to punish the defendant for wrongdoing) and attorney fees may also be awarded in some cases.

Manufacturers and sellers can be sued based on strict liability, which is a liability in the absence of negligence and not based on fault. When product liability claims are consolidated in a class-action lawsuit, it is not uncommon that the company goes out of business.

It is essential for product manufacturers and sellers to have sufficient product liability insurance. Our agent at Cavaness Insurance Agency in Greenville, Texas, can help ensure that your company is fully covered.

Product Liability Insurance Costs

The type of product your company manufactures or sells will impact your rate for product liability insurance. The insurer categorizes and assigns your business a class code. Coverage for hazardous products is more expensive.

Typically, the premium you pay at the beginning of the policy period is based on estimated sales and adjusted by your insurer after an annual audit. Our agent at Cavaness Insurance Agency will work with you to get the coverage your company needs at the lowest available rate.

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Customer Reviews

Overall, he made the process very easy and enjoyable. Thank you!

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Samantha B

Rich did a great job in both saving us money and giving us better coverage.

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The process was not complicated and without any pressure.

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Duc P

Rich & his staff are very knowledgeable, patient, and helpful....

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Jennifer B

Informative, easy to work with, and pleasant! Overall a great experience!

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