Product Liability Insurance
A business is involved in manufacturing, selling or supplying various products to their customers. This may be as small as a component for a vehicle or a shop selling toys for kids or a restaurant selling food.
Consider the recent famous case of Lead being found in Maggi. The National Consumer Disputes Redressal Commission initiated legal action against Nestle (producer of Maggi) as the lead content was found to be more than the permitted quantity. Such cases are all too common.
Though as a business owner you take utmost care of your customers, sometimes accidents happen which may cause injuries to customers and thus making you liable for your products.
This may result in customers suing the Business. Such cases may be expensive to defend and an adverse judgment may result in causing substantial financial damage to the business apart from the loss of reputation.
A Comprehensive Product Liability Insurance Policy will be immensely helpful in such a case.