YOU ASK:
What is the definition of Product Liability Insurance?
WE ANSWER:
Product Liability Insurance provides manufacturers, dealers and retailers with insurance protection in the event that they are faced with a lawsuit filed due to the bodily injury or property damage caused by a defective product.
This covers defense fees, legal fees, as well as the payment of the damages when these are awarded. These are subject to a maximum limit stated in the policy.
This insurance is usually bought by those who are in the manufacturing business who want protection from the financial loss lawsuits may cause. In today's litigious society, it becomes more and more necessary for businesses and individuals to protect themselves from liability.
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