The product is addressed to companies active in the production, distribution and sale of products, and is the most suitable solution for the smooth continuation of their operations.
Product liability insurance can protect businesses by enabling them to face third-party claims for defective products, defective design, manufacturing defects, omissions in packaging-labelling etc., as well as product recall even before their unsuitability is widely known, knowing that all costs will be covered by the insurance policy. If a product is the cause of injury, bodily injury/death, material damage to a third party, the injured party or parties may claim compensation in court.
The main objective of Product Liability insurance is to cover legal costs and related damages, while Product Recall insurance is to restore the consequences to the company itself (loss of profits from the reduction of turnover, replacement of recalled products with new ones, restoration of sales level, etc.).
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Frequently Asked Questions
Find answers to key questions about the plan and get information before you choose the coverage that’s right for you.
Yes, and that’s the main reason for the existence of the contract. Customers ask if they can proactively activate the insurance as soon as they detect a fault in the production that may cause physical injury, in order to avoid subsequent lawsuits.
Customers ask if cases such as:Design or manufacturing error (e.g. a component breaking).Contamination (e.g. bacteria in food or chemical contaminants).Incorrect labelling (e.g. failure to mention allergens on the label – very common in food) are covered.
Many people ask whether their contract protects them if someone (e.g. a disgruntled employee or a third party) deliberately tampers with their products. Usually, this requires an additional coverage beyond the standard recall.
Customers want to know whether they have to wait for an order from a governmental body (e.g. EFET) or whether the insurance company will cover them if they decide themselves (voluntarily) that the product is dangerous.