When you own a business, the last thing you want is to be held responsible for a faulty product. Even companies that do not manufacture products can be held responsible for them. Commercial insurance and product liability coverage can help in this matter.
Anchor Insurance Agency LLP, which serves Plymouth, MN, understands that product liability can be a tricky subject. Until you speak with an insurance agent about your own policy, there are a few things you should know.
How Does Product Liability Insurance Help Your Business?
Product liability insurance is meant to cover the expenses associated with an injury caused by a product you distributed, sold, or created. If a product is determined to have caused injury or property damage, product liability insurance might be used to cover these expenses. These injuries could include bodily injury, illness, or wrongful death. Each policy has its own stipulations, so paying attention to liability limits is important.
Does Your Business Need Product Liability Insurance?
Whether you sell, distribute, or create a product, you should consider liability insurance. This kind of insurance policy protects you from being forced to pay a settlement or legal fees. Even if your business is completely innocent and is not doing anything illegal, you benefit from having product liability insurance.
Speak With an Insurance Agent About Product Liability
If you need commercial insurance, including product liability coverage, you should speak with a professional. Whether you are a product manufacturer or a retailer, you should consider getting product liability coverage.
If you live in Plymouth, MN, contact Anchor Insurance Agency LLP to learn more about your insurance options. Commercial insurance can protect your business.