What is Product Insurance?
Product insurance is a type of business insurance designed to protect companies from financial losses related to their products. This includes defective products, injuries caused by products, and legal claims made by customers or third parties.
How is Product Insurance Different from Other Types of Insurance?
Unlike general liability insurance, which covers broad business risks, product insurance specifically focuses on risks associated with physical goods. It ensures that companies are protected against product failures, design defects, and lawsuits arising from their goods.
Who Needs Product Insurance?
Any business involved in creating, selling, or distributing products should consider product insurance, including:
- Manufacturers – Covering risks from defective production.
- Retailers & Wholesalers – Protecting against claims from customers who purchase and use their products.
- E-commerce Sellers – Covering products sold online, even from third-party manufacturers.
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