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Product liability insurance is one variety of business liability coverage. Not every small business needs it, but if you own a business that manufactures and sells a product, then you should consider whether you need to get that product insured. The purpose of ensuring it is to protect against lawsuits that might arise from the use of your product.

For instance, if you sell a food product and someone gets sick after eating it, or if you sell a child’s toy and a child chokes on it. There are all kinds of ways that seemingly harmless products can end up causing harm; you have only to read the warning labels on many things in the store to realize that. Large-scale product recalls happening because, despite extensive testing, someone discovered a weakness or potential danger in an item already being sold.

If large companies that have been in business for decades can still make mistakes, then you can be sure that you may eventually make one too. You should always have careful safety standards set on any product you create and may want to hire an expert in the field to give you advice. However, no matter how careful you are, something could still go wrong at the manufacturing level, and you wouldn’t be aware of it until it’s too late.

Consult with an attorney and do some research to learn how often lawsuits have been filed against companies that make products like yours. How large is the potential liability? A cut finger is much cheaper to pay for then a bout of food poisoning. Product liability insurance will pay legal expenses and monetary damages on any lawsuit filed against you for a covered product, only be sure that the payment limit you purchase is enough to cover possible settlements.

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