Product Liability
If products cause damage, illness or hurt someone, it is likely they’ll seek compensation through the courts. Product Liability insurance protects against claims for personal injury or property damage arising from products sold by your business. Its main purpose is to cover legal costs and damages.
Product liability cover is useful for companies that make, supply or sell products to members of the public. Claims can affect any or all of these business types.
Where products cause injury or damage, legal battles can go far beyond between consumer and the company that supplied them; a ripple effect throughout the entire supply chain can make proceedings lengthy, complex and extremely costly.
Sometimes claims will be justified, others spurious.
Either way, they can end up costing you a lot of money. Unwarranted claims still need to be taken very seriously – your company’s reputation and brand value are under threat.
It's often the criticism you don't deserve that needs the strongest response.
Why cyber insurance?
No matter how robust your IT security protocols are, they cannot prevent human error, and all it takes is for one person to make one mistake.
With businesses increasingly relying on technology to drive core objectives, the risk of losing money and data, or technology being denied or failing due to accidental or malicious interference has never been greater. Business leaders without a well-thought-out strategy around cyber protection are effectively gambling with all their funds to develop their business. Or depending on your cash reserves, your very survival.