Product Liability Insurance in Worcester, MA

What Businesses in Worcester, MA Can Benefit from Product Liability Coverage?

Manufacturers certainly can be blamed for production flaws and poor instructions and, therefore, ought to consider getting product liability coverage. They’re far from the only businesses that can benefit from this coverage, though. Some other examples of businesses that might want a product liability policy include:

• Companies that repair products, because they might be sued if a repaired product causes harm or damage
• Companies that transport products, because they may be sued if a product is damaged during transit and later malfunctions as a result of the damage
• Retailers, because they might be held responsible for damage sustained while a product was in their store

In short, almost any business in Worcester, MA that makes or sells products may benefit from the protections that product liability coverage affords. Even if a business’ risk of being found liable is low, it could still be named in a lawsuit and need help paying legal defense fees. Lawyers sometimes will sue any company that handled a product which malfunctioned and caused harm.

Without protection, a business that’s named in a suit could face dire financial consequences. According to one study, the average product liability claim costs $35,000.

What Sorts of Products Can Product Liability Policies Cover?

Since businesses make all different kinds of products, insurers in Massachusetts offer product liability policies for a wide array of products. Most of the time, a product liability policy will cover all of the products that a business makes or sells. In a few cases, however, a business may need a specialized policy for certain products. An insurance agent can help businesses determine whether they need a specialized policy.

What Factors Affect Product Liability Policies’ Premiums?

A number of factors can influence how much a business must pay for product liability coverage. A few of the factors that insurers frequently consider when calculating premiums are:

• What products are being insured
• How many products are being sold
• Who will be using the products
• How the products will be used
• What the products are made of
• How clear the instructions included with the products are
• What claims are made about the products

How Much Do Product Liability Policies Cost?

Because many factors affect product liability premiums, it’s difficult to provide a single price (or even a range of prices) for policies. Some products are very safe to use and pose little risk, while others come with inherent dangers that must be taken into account. As a result, some policies are quite inexpensive, and others cost substantially more.

How Can Businesses in Worcester, MA Get Quotes for Product Liability Insurance?

Businesses can get individualized quotes for product liability insurance by talking with an independent insurance agent who serves Worcester, MA. After reviewing what products a business makes or sells, an independent agent can request quotes for policies that cover those products. Since independent agents can get quotes many insurersin Massachusetts, business owners can be confident that they’ll have several different policies to compare and choose from.