Product liability Insurance
Take control of risk with Product Liability Insurance and give your business peace of mind and stability. It will help you expand your market, including abroad, by assuring your new partners that the risks associated with the use or sale of your product are covered. Security is an investment in the future. In the growth of your business and in ensuring the continuity of your organization's operations.
Product liability insurance is designed to cover the liability of insured legal entities for culpably caused damage to third parties.
The liability of natural and legal persons is insured. If the insurance is taken out by a legal person, it covers the liability of both the legal person and its legal representatives and persons in employment relationships with it. This insurance is voluntary.
- Amounts that the insured is legally obliged to pay as compensation to third parties for property damage or non-property damage suffered in connection with the use or sale of the product, occurring during the term of the insurance;
- Expenses for limiting damages;
- Expert and witness expenses in civil cases against the insured in connection with insured events covered by the policy.
- Flexibility and individual approach - customized solutions depending on the nature of the business;
- Suitable for manufacturers, distributors, and retailers, regardless of the type of product;
- Protection against lawsuits - coverage of legal costs related to product liability.
Frequently Asked Questions
Yes, the insurance is specifically designed to cover damage caused by defects in the products you manufacture and/or install.
To take out insurance, you need to fill out a risk assessment questionnaire at our office. You can also submit an application via the "Online" section of the main menu on the website.
Product liability insurance is not mandatory, but it is recommended for all manufacturers, distributors, and others who bear legal responsibility for their products.
The insurer shall not be liable for damages:
- Caused by a product while it is on the insured's premises or before the product is accepted by the consumer;
- Damage caused by non-compliance with regulatory requirements for quality, packaging or storage, expired shelf life, lack of quality certificate, etc.
The initial premium is determined depending on the type of product, the expected turnover declared by the insured during the insurance period, and the agreed liability limits. The final premium amount is calculated at the end of the period based on the actual turnover achieved.
