Auto, Home & Personal
Connor Insurance Agency is committed to providing you the best possible coverage with the resources available. We want to earn your business by reviewing your coverage and helping you receive more for less. When you call, you will receive the personal attention that you want. We’ll do our best to get you to the right person as quickly as possible.
Home > Insurance Services > Business Insurance > Product Liability Insurance
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.
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 – 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 is put out of business.
It is essential for product manufacturers and sellers to have sufficient product liability insurance. Our agent at Connor Insurance Agency in Sherrills Ford, North Carolina, can help ensure that your company is fully covered.
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 Connor Insurance Agency will work with you to get the coverage your company needs at the lowest available rate.
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