Who Benefits On Product Liability Laws And Insurance?
You may not be legally required to get product liability insurance for the things your company makes or sells. And you may think that you probably don't need it anyway, since you're a producer of quality products that are made well and don't malfunction. But you should never overlook the fact that things can always go wrong, especially when you're dealing with human beings and machines. And don't forget that if you sell products in either the European Union or the UK, then you don't have a choice; you must have the insurance.
If it were a matter of "not sweating the small stuff," then insurance coverage might not be such an issue. But in a litigious society like ours, with product liability lawyers kept constantly on the go with customer lawsuits, even slight malfunctions in consumer products end up in court. And with judges granting larger and larger financial awards in recent years even for minor injuries, you end up not only needing product liability insurance, but paying a high price for it as well.
What you need to do is assess your risk and decide whether you want to take out such insurance. Some of the assessment you can do on your own. For example, if you're providing health products, the consequences of a product failure could be quite severe. Yet with printing books, well not so much. A bunch of blank pages in the middle of a book won't be life-threatening, and an offer to replace the item free of charge will usually do. For other types of products though, you may need to talk to a professional, who can help you assess your liability insurance needs.
There are a few options available to you if you're looking for consultation. An actual liability products professional will already know the risk ratings for almost any kind of product you might be producing or marketing. This will mean an insurance broker or, if you want to bypass the broker and go directly to a company that provides product liability insurance, that's another choice. You might also consult with an attorney who handles product liability cases. Take some time to make the right assessment. You may produce excellent, well made products, but you want a clear picture of what you might be up against if one of those products goes wrong.
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