Its the last thing a manufacturer wants to hear: your product hurt someone. Not only can this news cause emotional trouble, but it can also spell financial disaster. Thats why all Orlando manufacturer insurance portfolios should include product liability coverage.
The first financial problem that could arise is a lawsuit. If your company is found responsible, your business could be in jeopardy. You may have to pay a settlement, your legal fees, and the complainants legal costs. That can add up to lots of money quickly.
If you dont have hundreds of thousands of dollars to spend on this type of lawsuit, you need product liability insurance. This coverage can pay out all those expenses. Whether it was a problem with the design, production, or instructions, your coverage can help.
A potential lawsuit isnt the only thing you should worry about. A defective product can also cause a recall. This recall can cost your business big money in lost revenue.
Not only might you have to issue refunds and stop selling the product, but your company’s reputation could also take a hit. A great insurance portfolio can help save your business from that sort of financial damage too.
Consider all the costs that your company could incur if a product hurt someone. If your business would suffer in the face of this tragedy, you need to add product liability to your Orlando manufacturer insurance portfolio.