A comprehensive public and product liability policy provides cover for claims of bodily injury or other physical injury, personal injury, advertising injury and property damage as a result of your products, premises, or operations. As a safeguard against liability, the policies allow you to continue your normal operations while dealing with real or fraudulent claims of negligence or wrongdoing. Liability policies also provide cover for the cost to defend and settle claims. Following are some other things that typical liability policies may cover:
The amount of cover that your business needs depends on three factors: perceived risk, where you operate your business and the type of products you manufacture.
Perceived Risk – Consider the amount of risk associated with your business operations and functions. For instance, if you manufacture heavy machinery, you would generally need more cover than another organisation that manufactures stuffed animals.
Type of Product Manufactured – If you manufacture a dangerous product, you may want to carry higher limits of liability.
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