Product Liability Insurance From Massachusetts Specialists

Proudly Providing Product Liability Insurance to Businesses in Massachusetts & 25 Other States Across the Nation

Massachusetts businesses that make or sell products are frequently exposed to risks long after they’ve sold their products. Should a product ever cause harm or property damage, they may be sued for damages. Product liability insurance policies help businesses protect themselves from covered liability lawsuits that are filed over their products.

What is Product Liability Insurance?

Product liability insurance policies offer a specialized form of liability coverage for businesses that make or sell products. While policies’ exact coverages can vary, they usually offer protection against lawsuits that claim a product caused property damage or personal injury. Some examples of lawsuits that a policy might cover include suits claiming harm was caused by:

  • A manufacturing or production flaw
  • A product design defect
  • A deficiency in the warnings or instructions that came with a product

Should a business be named in a covered suit, a policy will usually help pay any legal fees or settlements associated with the suit (according to the policy’s terms, conditions, and limits).

Product Liability Insurance MassachusettsWhat Massachusetts Businesses Can Benefit from Having a Product Liability Policy?

Many people are surprised at how many businesses in Massachusetts might be accused in a product liability lawsuit and, therefore, may benefit from having a product liability policy. Any of the following businesses might want to consider getting coverage:

  • Manufacturers, because they may be held liable for any manufacturing or production flaws
  • Wholesalers and Retailers, because they might be named in a lawsuit filed by an opportunistic claimant
  • Transportation Companies, because they may be held liable for any damage that a product sustained while in their possession
  • Repair Companies, because they might be held liable for any malfunctions caused by their repair work

Not only are many companies exposed to potential product liability suits, but few companies could afford a suit without suffering significant financial consequences. Product liability claims cost businesses $35,000 on average, and they can be much more.

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Does General Liability Insurance Include Product Liability Coverage?

In some rare cases, general liability insurance policies may include product liability coverage. This is quite uncommon, though, and the general liability policies that offer product liability protection usually aren’t written for manufacturers, resellers, transportation companies, or repair companies. Instead, they’re usually offered to churches, law firms, and other businesses that have minimal need for product liability protection.

Businesses that actually specialize in the making, selling, transportation, or repair of products typically aren’t able to find robust product liability coverage in a general liability policy. They normally need to purchase a separate product liability policy to get the protection they need.

Product Liability Insurance Massachusetts

How Do Insurance Companies Determine Product Liability Policies’ Rates?

Insurance companies take into account a lot of different factors when they’re calculating product liability policies’ rates. A few items they may consider include:

  • What kinds of products being insured
  • How many products a business sells
  • Who uses the products
  • How the products are used
  • What the products are made from
  • How well written the products’ instructions are
  • What claims a business makes about the products

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How Much Do Product Liability Policies Cost?

Because so many different factors impact the cost of product liability coverage, it’s impossible to provide a single price for product liability policies. Some policies are extremely affordable, while others are priced substantially higher in order to cover the financial risks insurers assume.

How Can Businesses in Massachusetts Get Quotes for Product Liability Insurance?

Massachusetts businesses can find out how much product liability insurance will cost them by asking an independent insurance agent to request quotes on their behalf. An independent agent can quickly gather the information needed to request quotes, and then they can get quotes from many insurers in the state. Having several quotes provide an accurate range of how much product liability coverage will cost a business, and it makes it easy to select an affordable yet robust policy.

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