You’ve probably worried about one (or more) of the products you manufacture causing unintentional consumer harm. It's not a pretty thought, but it's much smarter to be prepared than to cross your fingers and hope for the best. That's what product liability insurance is all about – insulating you from the financial consequences of claims and lawsuits.
In simple terms, it’s your business's safety net. If a customer buys a power tool you've manufactured, but a defect in the tool leads to an injury, your policy swoops in, covering medical costs, legal fees, settlements, or judgments. Without it, the payout would be from your own pocket – and one bad incident could be all it takes to derail your whole fiscal year.
Product liability insurance focuses on manufacturing mishaps and strict liability claims (when someone gets hurt by your product despite using it carefully). There’s usually some flexibility – like if you didn't adequately warn customers about improper use of the product, your policy can still have your back.
It's not a catch-all, though. Most product liability coverage you find with Lindow’s provider network won't extend to software malfunctions, product recalls, or employee injuries. Those issues may require special endorsements or policy additions.
It’s a vital piece of your risk management strategy, just as important as safety procedures on the production floor – or preventative measures like not allowing employees who take certain medications to operate heavy machinery.
The great news is it’s shockingly simple and cost-effective to get product liability insurance for businesses near Madison, Milwaukee, Wausau, and Eau Claire thanks to Lindow’s extensive provider partnerships.
There’s no surefire way to catch every design flaw, manufacturing error, or to guarantee that warning labels are all followed to a T. Product liability insurance isn't just a good idea; it's an investment in your business’s future. If you still have questions or reservations, contact us today, and let’s start you down the path to peace of mind.
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