There are many types of commercial insurance available to protect your business. The specific types you need depend primarily on the nature of your business and the products or services you offer. If you sell physical products, one essential type of commercial insurance is product liability insurance. This coverage is crucial for businesses that sell items, as it helps protect your company from potential risks. When you need this type of insurance, contact Mutual Insurance Partners in Follansbee, WV.
Liability for Products
If you sell physical products, regardless of their nature, there is always a possibility that they could cause injury to someone. Often, injuries occur due to customer misuse of the product. However, you may still be held liable for those injuries. Your product doesn’t need to be inherently dangerous to cause harm. For example, a small item could pose a choking hazard, or a heavy item could cause an injury, such as a broken foot. The potential for injury exists, and without product liability insurance, your business could face significant financial challenges in the event of a costly liability lawsuit. This insurance is essential for protecting your business as long as your products are in circulation.
Maintain Coverage
Even if you stop selling a product, people may still own it and could potentially be injured by it. It’s a good idea to maintain product liability insurance for a period of time after discontinuing a product to ensure you’re protected in case of lawsuits. This coverage is vital for safeguarding your business and could be the difference between surviving or closing after a severe injury claim.
Get Product Liability Insurance
If you don’t already have product liability insurance, it’s important to secure this coverage as soon as possible to protect your company. To learn more about this essential insurance, contact Mutual Insurance Partners in Follansbee, WV today.
