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Product Liability Insurance in Georgia
Product Liability Insurance for Businesses
If your business makes or distributes manufactured products, product liability insurance is for you. It is very important to have this coverage because any business can get caught in a lawsuit due to bodily injury or property damages caused by its products. This insurance is important for businesses in Georgia that manufacture or sell products, as it can help protect them from the significant financial risks associated with product-related lawsuits. Without this type of insurance, your business may be liable for damages and legal fees, which can be financially devastating. Talk with a BIS Benefits broker today to help you discover what coverage you need!
General Liability Insurance & Product Liability Insurance
While some insurance providers may sell this coverage separately, other can incorporate it seamlessly into your general liability insurance, ensuring you're fully protected without the hassle of multiple policies. BIS is here to assist you with finding the right insurance coverage for your needs!
What Does Product Liability Insurance Cover?
Property Damage
If your product causes damage to someone else's property, such as a home or vehicle, the insurance policy can provide coverage for the cost of repairing or replacing the damaged property.
Injury
Product liability insurance can cover medical expenses incurred by individuals who were injured as a result of using your product. This can include hospital bills, doctor's fees, and related medical costs.
Medical Payments
This coverage pays for medical expenses incurred by you and your passengers in a commercial vehicle accident, regardless of fault.
Manufacturing & Design Defects
It extends to defects that occur during the manufacturing process, such as a faulty component or assembly error, as well as claims arising from design defects, which are inherent flaws in the product's design that make it unsafe for its intended use.
Inadequate Warnings or Instructions
If your product lacks proper warnings or instructions for safe use, and this omission leads to harm or injury, product liability insurance can provide coverage.
Legal Defense, Settlements, & Appeals
This includes coverage for legal expenses tied to defending against claims or lawsuits related to your products, such as attorney fees, court costs, and expert witness fees. If your business is found liable, the policy can also cover settlement amounts or court-awarded damages, up to the policy's limits. Furthermore, it can extend support to cover legal fees associated with the appeals process in case of an adverse judgment.
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How Are Product & General Liability Different?
Product liability insurance and general liability insurance serve distinct purposes in the world of business insurance. General liability insurance offers broad protection against various third-party claims, encompassing scenarios like slip-and-fall accidents and advertising disputes. On the other hand, product liability insurance hones in on the risks associated with the products you manufacture, distribute, or sell, covering issues like manufacturing defects, design flaws, and injuries resulting from your products. While general liability provides a foundational level of coverage, businesses dealing with products often find it essential to complement their coverage with product liability insurance to address specific product-related risks comprehensively.
Our Carriers
All the top-rated carriers in Georgia including Selective, Hanover, Travelers, Hartford, Nationwide, Chubb, Liberty Mutual, and more.
Who Needs Product Liability Insurance?
Manufacturers
Manufacturers place a significant reliance on product liability coverage as a vital safeguard to protect themselves from the potential financial and legal ramifications associated with manufacturing defects, design flaws, and similar risks that could arise in the production process of their goods.
Retailers
A retail business uses product liability insurance to protect itself from potential legal and financial liabilities arising from the sale of products that may cause harm or injury to customers.
Food Services
Restaurants and other food service based business need product liability insurance to safeguard against potential legal and financial consequences resulting from serving food products that might cause illness or harm to customers.
Distributors & Wholesalers
Product liability insurance is a vital safeguard for businesses throughout the supply chain, especially those dealing with high-risk items such as pharmaceuticals, distributors, and wholesalers may bear responsibility for product-induced damages, even when their role is indirect.
Tradesmen
Products liability insurance plays a pivotal role in the risk management strategy of general contractors and other professionals in the construction and installation industry. It provides essential coverage in situations where their completed work is connected to injuries or property damage that occurs afterward.
Where We Work
BIS Benefits works with companies all around the state of Georgia, below are some of the cities our clients are located in:
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