Companies are responsible for the products they sell. Do you manufacture or sell goods in Ontario? You could be liable if a product makes someone ill, is defective or causes injuries.
Product liability insurance can help protect your business against claims. It can mitigate losses from legal action as a result of faulty products.
At ThinkInsure, we’ll help you get affordable product liability insurance coverage. We’ll help you reduce risk and protect your business. Contact us to compare product liability insurance quotes and save.
Here you will learn :
Product liability insurance is a type of business liability insurance. It’s for companies that sell or manufacturer products. Get protection against claims of injury and property damage by products sold to customers, vendors, businesses, and third parties.
If you sell a product in Ontario or Canada, you need product liability coverage. As soon as you start selling products to the general public or other companies, you need coverage. You are at risk of a product liability lawsuit if something goes wrong. Product liability insurance gives you the protection you need to withstand product issue claims.
Any corporation, small business, home based business or entrepreneur that’s sells a product should have product liability coverage. Whether you sell food, clothing, furniture, tools, sports equipment, shoes, and anything else, this coverage is for you.
Any large or small business that sells directly to customers and the general public (online or offline) needs protection. This includes :
If you produce a product and sell to other businesses, you still need product liability coverage. Companies include :
Product liability covers legal representation, court costs and damages awarded as a result of a product issue. It provides protection against lawsuits from customers and other people claiming a defect or malfunction caused injury or damage.
Product liability pays for legal fees and damages as a result of faulty product claims. Common product claims include :
There are certain exclusions that are not part of a product liability policy :
On average, you can expect to pay about 25 cents per $100 of retail sales. For example - you sell $500,000 worth of good each year. You can expect to pay about $1,250 annually for product liability coverage. Costs could be higher if you sell products that are higher risk. Costs could be lower if you sell low risk products.
The amount of risk associated with your product will have a significant impact on costs. Here are some of the top factors that will impact insurance costs for product liability coverage :
We can help you get the right product liability insurance coverage to meet your unique business needs. We’ll customize your policy to reflect the products and goods you sell. Here’s a small sample of some of the coverage options available to you :
We all want to save a few bucks on insurance coverage. Here are some simple to implement tips to get cheaper product liability insurance :
The amount of product liability insurance you need will depend on the size and reach of your business. The more you sell the higher coverage limits you will need to protect yourself. Coverage limits can range from as little as $500,000 to $5 million or more.
Businesses have exposure to a variety of risks. Selling products adds to your risk profile. Our business insurance experts can help Ontario businesses effectively manage these risks.
We’ll help you choose a policy that is catered to your specific needs. When you work with us you’ll get :
If you want to get the best coverage, you need to get a policy from the top insurers. We’ve partnered with the top providers of product liability insurance. This enables us to find you the cheapest quotes. Get the coverage you need from the best product liability insurance companies in Canada. We give you more options, regardless of your industry or product type.
There are three common types of product liability claims made against companies :
There is an issue with the manufacturing process that caused a product malfunction. You are at risk if a product were to break or malfunction during use. If it causes an injury or damage, a lawsuit could be filed.
The design of a product is thought to be unsafe. It should have never made it to market in its current condition.
There was not a proper warning or instructions for how to safely use the product. Failure to provide a warning and instructions for how to use the product could cause injury or damage.
Here are some more commonly asked questions about product liability insurance coverage :
Shopping around and comparing product liability insurance quotes is the most effective way to lower your rates. Spend extra time comparing options will help you save money on your policy.
If you sell any type of product (food, clothing, gadgets, etc.) you should have product liability coverage. A policy will protect your company against legal action stemming from product issue claims.
Product coverage is another term used to refer to product liability coverage.
It depends. Most general business liability insurance policies also include product liability coverage. If you have a specialized product or your product is high risk, additional coverage may be required.
Product liability is a specialized part of general liability insurance coverage. General liability also covers things related to business property and operations.
It is not legally required for businesses to have product liability insurance. However, business partners, suppliers, and manufacturers pay require you to have it as part of your business agreement.