Get Optimal Product Liability terms in UAE
Product Liability and Recall Insurance provides comprehensive protection for your business from any legal or financial obligations that may arise from claims of injury or property damage caused by products you have produced, sold, or distributed. This type of coverage includes product recall, product guarantee, third party recall, and third party financial loss extensions to ensure your business is fully protected.
Product recall coverage pays for the recall and redistribution of defective products, while product guarantee pays for the repair and replacement of faulty items. The financial loss extension covers any additional expenses incurred by your supply chain partners due to a recall. As a manufacturer, distributor, or retailer of physical goods, you may be held liable for selling defective products to customers. Product Liability and Recall Insurance can help protect your business from any legal and financial repercussions of such claims.
Businesses of all types should consider obtaining product liability insurance, particularly:
Apart from the comprehensive coverage offered by a Product Liability Insurance policy, it provides several other significant benefits. This is why it has become a necessity for businesses operating in the entire product ecosystem around the world.
When a claim for bodily harm or property damage arises, product liability insurance will often assist with the following expenses:
Product liability insurance would not provide coverage for the following:
Product liability insurance plans usually charge higher premiums than other insurance plans; however, in the case of claims, the premium expenses would be less than the expense of legal issues. This makes purchasing this insurance policy essential as well.
Public places like chemical industries, alcoholic beverage producers, tobacco companies, etc., are among the higher-risk locations. Your insurance company may decline to handle your claim if the nature of your goods entails unexpected risks. As a result, you could have to pay an outrageous sum to compensate for the loss.
Following are some variables that could affect your product liability insurance costs:
Whether you are running a small business or a big one, having an adequate product liability insurance policy can make a significant difference in case of a crisis. It will help the firm to manage its legal liabilities easily without hampering the business finances. So, get in touch with one of experts at Policybazaar UAE and find a plan that’s just perfect for your business needs.