We are often asked, “Why am I classified as the manufacturer when I don’t manufacture anything?” The simple answer is that you may be the only person in the U.S. that is legally liable for damages caused by the product.
If you import any products or ingredients from a foreign country, then you will be considered, and be held liable as, the manufacturer, whether or not you are physically manufacturing your products.
Thousands of product liability claims are made against businesses every year for defects in design, products, and marketing. Lawsuits are being filed for dangerous side effects, improper assembly, failure-to-warn, and breach of warranty; all of which can be, and are, brought against companies who don’t directly manufacture a product. Costs for such litigation can be devastating to a business.
If you are an importer, distributor,
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With the insurance industry becoming increasingly specialized, placing certain types of businesses can be difficult. One industry that is notorious for being more of a challenge is the home builders industry. With the economy back on the rise, this class of insurance has seen tremendous growth within the past several months and looks like it will continue to grow steadily. For these reasons, it is important that you work with a brokerage that specializes in writing insurance policies for home builders.
Why Is Placing Insurance for Home Builders so Difficult?
Due to the fact that we are trending towards a hard market, carriers are more reluctant to take on higher risk businesses like home building. In addition to being more reluctant, if a carrier is willing to write the policy, then they are also tightening up their appetite and being more selective in whom they
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Most businesses carry a general liability policy with limits up to one million dollars. While this amount may appear to be sufficient, in our litigious society it can become insignificant very quickly. It is not uncommon for the courts to hand out multi-million dollar judgments for bodily injury claims. Settlements and other expenses related to the claim can often exceed the coverage limits purchased, putting a business and personal assets at risk.
How Do I Get More Coverage?
One way to provide additional protection to your business is through an excess liability policy. This type of policy would increase your gener
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At Veracity Insurance Solutions, we often hear our clients say how overwhelmed they feel when trying to select an insurance provider for beauty or cosmetic products liability. While this type of insurance is a little more complicated than your typical product liability policy, with a provider who specializes in this industry the process is easier. In order to help alleviate some of the stress associated with finding the right policy, here are some tips and guidelines for choosing a policy that best fits your business’s needs.
Make Sure You Get the Coverage You Need
When looking for an insurance provider, individuals are often inclined to choose the most affordable option. While budget is definitely an important aspect in selecting a policy, affordability shouldn’t be the
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This past year, several large companies including Linkedin, Zappos, LivingSocial, eHarmony, and Yahoo! all became victims of cyberattacks resulting in the loss of millions of dollars. Maybe even more importantly, the cyberattacks also meant that millions of people had their private information stolen. While one might think that it’s only the large companies that are in danger of these types of cyber risks, a recent study done by Verizon Communications Inc found that 72% of the reported data breaches happened to small businesses. This is an alarming number!
What many business owners don’t realize is that general liability insurance typically doesn’t cover the risks associated with cyberattacks. With the majority of personal information being stored
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