Warehouses, freight transporters and last-mile delivery services might want the coverage too. Although these businesses don’t necessarily make or sell products, they could be held financially responsible if damage occurs while they’re holding the products and that damage leads to an accident.
What Kinds of Products Can Be Covered By Product Liability Coverage?
Product liability coverage may extend to a range of different products, depending on a particular policy’s terms and conditions. Policies are available for everything from inexpensive dollar-store toys to luxury vehicles that cost tens of thousands. Policies can cover tools, furniture, cribs, windows many other items. There are even policies crafted for foods and beverages.
While many products can be covered by this type of insurance, not every policy is suitable for all product categories. Businesses should work with an insurance agent who knows product liability well when they’re selecting a policy, as a knowledgeable agent will be able to make sure that a policy is well-suited for a business’ products.
Does General Liability Insurance Include Product Liability Coverage?
Some general liability insurance policies provide product liability coverage. Not all do, though, and those that do may have low product liability limits. Businesses that need product liability coverage are often better protected by purchasing a product liability-specific policy.
Is Product Liability Coverage Available Through Package Policies?
Product liability coverage is widely available through package policies, and both business owners' policies and commercial package policies can offer the coverage.
Business owner's policies are more limited package policies meant for small businesses that have basic insurance needs. These policies usually don’t include product liability coverage as a standard protection, but a few offer the coverage as an optional feature.
Commercial package policies tend to be more comprehensive and more customizable policies. Product liability coverage might not be a standard feature because these policies commonly are customized, but the coverage can be added to most commercial package policies.
How Much Are Premiums for Product Liability Coverage?
Premiums for product liability coverage are based on many factors and thus vary. The number of products, types of products and past claims are just a few of the details that can influence a policy’s cost.
For an accurate determination of how much product liability premiums will be in a particular situation, businesses should talk to an independent insurance agent. Because independent agents aren’t connected to any one insurance company, they can show businesses customized quotes from various insurers.
How Can Businesses in Massachusetts Get Product Liability Insurance?
For help finding product liability insurance in Massachusetts, contact the independent insurance agents at Paul T. Murphy Insurance. Our agents have the expertise necessary to help you find the best available product liability policy, and we can recommend the best policy regardless of what insurance company offers it.
.png?width=145&height=64&name=Arbella_Insurance_Logo%20(1).png)