Product Liability Insurance is a Must for Many Different Businesses
Product liability insurance is usually thought to be a requirement for manufacturers but many other types of businesses need the protection offered by product liability insurance. Product distributors are often included in property liability lawsuits. They are considered one of the members of the chain of distribution of a product and they can be held responsible for product injuries if it is readily apparent that they should have been able to detect flaws in a product. Product refurbishers or reconditioners can also be held liable in a property liability lawsuit. They are considered to have a responsibility similar to that of the original manufacturer and if a product that they shipped causes harm, they will be held responsible for any injuries caused by the product.
Another industry that often overlooks the importance of property liability insurance is the leasing business. Lessors are considered to provide an implied warranty in the eyes of the law and they can be held responsible for damages caused by the products they lease to their customers. Many companies are unaware that their business performance can put them at risk for product liability claims and damages. It is very important for any business that provides a product to consumers to have a product liability insurance review by an insurance professional. In this age of rampant litigation, protection from liability claims is a critical need for many business owners.
