If your business supplies products to customers, it’s your responsibility to make sure they’re safe. Even if you didn’t manufacture the product, you could still be held responsible if it was to cause an accident. In short, you’ll need product liability insurance to protect against claims, whether you’re the manufacturer, retailer or wholesaler.
What’s more, if one of your products is found to have caused injury, damage, or death, you’ll be liable to legal action. This can be extremely expensive and can put intense strain on your business – often resulting in major losses or, in the worst case scenarios, being shut-down.
Even if you didn’t make the product, as a retailer or distributor, you have a responsibility to your customers to ensure that it is safe. If you’re importing goods from outside the EU, this is even more important as it is your sole responsibility to ensure the product is safe.
But it doesn’t just stop there – a product is again deemed your responsibility if it has your name on it or you can’t identify the original manufacturer. You’ll also be held responsible if you have repaired or changed the product.
Finally, if the original manufacturer of the product has gone out of business, you’ll need to ensure the safety of product before any sale.
Although it’s not a legal requirement, you should always consider taking out cover to protect your business, and you may even find that some manufacturers, distributors and retailers will require you to have cover in place as a part of any deal you agree.
To switch your business insurance today call #CAMPAIGNBUSINESSSERVICENUMBER#
Prefer us to call you?Call me back