Product Liabilty Insurance
Products Liability insurance can be purchased on a stand alone basis or as part of a broader General Liability policy. In most cases, it does not cost significantly more to purchase the broader General Liability policy (which includes Products Liability) and this is clearly in the best interests of the manufacturer or distributor.
In other instances, a manufacturer or distributor may already have a General Liability policy but it may exclude coverage for Products/Completed Operations. In such cases, the best solution is for the manufacturer or distributor to purchase a stand alone Products Liability policy.
The typical modern General Liability coverage form contains the following component coverages:
Premises & Operations
Protects against covered lawsuits alleging bodily injury or property damage caused by an occurrence arising from the premises or operations of the insured.
Products & Completed Operations
Protects against covered lawsuits alleging bodily injury or property damage caused by an occurrence arising out of the sale of a defective product (products liability) or out of a completed operation (ex: construction of a building). Products And Completed Operations Coverage can only be triggered after the final sale of a product or construction job.
Protects against certain lawsuits arising from personal injury (ex: slander, libel, false imprisonment) or advertising injury (ex: disparagement of a competitor’s product or service).
Damage To Premises Of Others
Protects against certain covered lawsuits when the insured damages the premises of a landlord.
Medical Expense Payments
Protects against certain covered lawsuits arising from guest injuries (ex: slip and fall) while on your premises.
Some of the older General Liability policy forms may include terms for component coverage's such as "independent contractors," "broad form property damage," "and underground / collapse / explosion." These component coverage's are automatically built into the modern coverage forms.
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