A product liability insurance policy is also suitable for a construction and contracting business because it offers financial protection if a client decides to sue over damage caused by the finished work. For example, if a contractor puts in a custom cabinet but the doors turn out to be defective, product liability insurance could cover the cost of fixing the defect.There was an error in the product’s design.
Bryan Smith, vice president of product management at The Hartford, says the amount of product liability insurance coverage should be commensurate with the expected liability exposures that a business will face. Wholesale businesses paid an average premium of $1,159 for general liability insurance that included product liability insurance. Premiums range from $751 to $2,431.A key factor affecting the cost of product liability insurance is the type of product being created, manufactured or sold by your business. Products differ in the chance that they’ll cause property damage or injury to someone. Insurance rates for product liability insurance reflect this wide range of risks.
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