Product liability insurance costs vary depending on the following factors:
In most cases, Product Liability insurance will be combined with the purchase of your Commercial General Liability insurance policy. The minimum premium for policies starts at $1,500 and will go up from there.
To get started with product liability insurance, you will need to provide your FCA broker with baseline information via an application and specify whether this is your first Product Liability policy, or you are looking for a quote as an alternative to your existing insurance company providing coverage. The baseline information includes:
Once FCA receives your completed application, we begin the process of obtaining quotes from our network of insurance partners to ensure you receive the coverage you need.
As a business owner, you understand your business better than anyone else and your broker can help guide you to find the limit that works best for your operation. As a starting point, it’s always best to work with contractual requirements you have with customers, landlords or any other related entity to your operation and build up from there. Ultimately, it’s your decision how much liability insurance you need, but understanding basic guidelines can help you make an educated decision on what makes sense to protect your business.
A product liability claim could be triggered from a lawsuit brought against a company claiming third party bodily injury or property damage. This exposure may extend beyond the manufacturer to include distributors and resellers.
Laura does the work to get us the best prices with the best coverage. She also keeps us abreast of the new types of insurance that a business such as ours might need. Her yearly renewal visit is comprehensive to say the least, but when she leaves, we all understand the exact nature of each and every policy our business has.
FCA covers us for all our business requirements, from equipment to liability, property, builds and everything in-between. Errol Williams is so patient and helpful; I am always confident that we are getting the best possible coverage at a competitive rate. Always the best service!
Jamie and his team have been great to deal with, providing transparent advice and excellent service!