Product Liability Insurance
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Veracity Insurance Solutions & Product Liability Insurance
As a national brokerage firm, Veracity Insurance Solutions specializes in providing high-quality, customizable product liability insurance to businesses that manufacture, import, and distribute consumer, commercial, and industrial goods and services. With in-house underwriting, top-rated insurance from the most reputable carriers, and decades of product liability experience, our team can get you the coverage you need to protect your business from the risk of claims
- Startups & New Ventures Welcome
- Occurrence & Claims-Made Forms
- In-House Authority
- Available In All 50 States
- Limits Up To $100 Million
- Foreign Liability Coverage
- Vendors Endorsement
- Minimum Premium - $1,000
Don't see your business industry here? Don't worry. These are just a few examples of the thousands of industries we can cover. To get an accurate quote for your business, contact one of our qualified insurance brokers today.
PRODUCT LIABILITY STATISTICS
More than 250K product liability claims are filed annually in U.S. federal courts
Median jury award in product liability suits
Product liability accounts for 7% of all U.S. personal injury cases
Median and Average Personal Injury Jury Awards by Type of Liability, 2018
- 2013 Median (1), - 2013 Average
(1) Represents the midpoint jury award. Half of the awards are above the
median and half are below.
Source: Thomson Reuters, Current Award Trends in Personal Injury, 54th edition.
FAQs ABOUT PRODUCT LIABILITY
What is Product Liability Insurance?
Product liability coverage provides protection against bodily injury and property damage losses arising out of some defect in the product you sold, manufactured, or distributed. Product liability insurance may also provide coverage for claims arising from damages due to providing inadequate instruction for use of the product or a failure to warn on your product label.
Why Product Liability Insurance?
Defective or dangerous products are the cause of thousands of injuries every year in the United States. Responsibility for a product defect that causes injury may affect all sellers of the product who are in the distribution chain. Listed below are a few examples of parties that may be:
- The product manufacturer, importer, or distributor;
- A manufacturer of component parts;
- A party that assembles or installs the product;
- The wholesaler; and
- The retail store that sold the product to the consumer
In addition, under the definition of “Strict Liability,” the person injured by a product may be entitled to compensation for their injuries without showing that the manufacturer or seller of the product was actually negligent.
What is included in a Veracity Product Liability policy?
Your product liability policy provides coverage for your goods or products manufactured, sold, handled, distributed or disposed of by you and/or your company. Product liability also offers protection from providing, or failure to provide, warnings or instructions about your products.