Product Liability Insurance in Vermont

WHAT IS IT? WHO NEEDS IT? COVERAGES OFFERED

Product liability insurance policies are a specialized form of commercial liability coverage.

Most businesses that manufacture, assemble, deliver, wholesale or retail products ought to consider purchasing a policy.

• General liability
• Bodily injury, illness or accidental death to a third party coverage
• Accidental damage to third party property coverage

What Is Product Liability Insurance?

Businesses that sell or manufacture products are often exposed to possible risks long after their products are in others’ hands. Should a product cause substantial injury or damage, these businesses might be held financially liable and required to compensate the affected party. Product liability insurance policies help shield Vermont businesses from some of these potential risks.

Product liability insurance policies are a specialized form of commercial liability coverage. As a liability coverage, most policies help pay legal costs and settlements associated with covered claims. Usually, policies will begin paying legal costs even before responsibility is ultimately determined.

What Vermont Businesses Need Product Liability Coverage?

Many Vermont businesses can benefit from having product liability coverage in place. Broadly speaking, most businesses that manufacture, assemble, deliver, wholesale or retail products ought to consider purchasing a policy.

Businesses that are unsure whether this coverage makes sense for their situation can speak with an insurance agent who specializes in product liability. A knowledgeable agent will be able to make informed recommendations based on a business’ unique situation.

Do Food Service Businesses Need Product Liability Coverage?

The food service industry is an example of a sector where product liability policy can be useful but sometimes businesses in the industry don’t think about getting coverage. The majority of businesses in food service can benefit from having coverage.

The foods and drinks that food service businesses sell are commonly classified as products, and businesses might be held responsible if those product cause harm. If mishandled ingredients cause a widespread outbreak of a foodborne illness, for example, a restaurant might be sued by patrons who were made sick. Depending on a policy’s specific terms and conditions, it might cover such a lawsuit.

What Sorts of Issues Does Product Liability Coverage Protect Against?

A product liability policy’s exact coverages are determined by that policies terms, conditions, limits and exclusions. Depending on what those details dictate, a policy might offer coverage for the following sorts of issues that cause harm or damage:

Design flaws
Manufacturing defects
Production problems
Warning insufficiencies
Instruction inaccuracies

Do Product Liability Coverage Protect Against Damage from Physical Perils?

As a liability-specific coverage, product liability coverage normally doesn’t cover products themselves against damage caused by physical perils. Protection against loss and damage due to fire, theft and similar risks is normally procured through other insurance options. Commercial property coverage, inland marine coverage and others might be necessary for these protections.

Mike Bancroft is simply an amazing agent. When my business got burglarized, I was so upset and didn't know what to do. I contacted Mike and he was very prompt in calling me back and he put my mind at ease. He made me feel so much better and handled all of the paperwork immediately. His customer service is top notch and I highly recommend him to be your insurance agent!

Becci Kepnes-Letourneau

Our business was with the same trusted agent for over 20 years. Mike Bancroft offered to evaluate our policies and see if he could save us some money on both Workmen's Comp and general liability. He did, and in the process even moved us to better coverage. Mike also offers a superb quality of service. Cannot recommend highly enough.

StoryWorkz Creative

Mike Bancroft has been great to work with. He has assisted with my Business Auto, Tool Coverage, Homeowners and all other types of insurance needs. I wouldn't be surprised if they change their name to Paige, Campbell & Bancroft soon!

Lance Garrett

Extremely prompt, personable, and professional service! Despite only needing a workers' comp policy for one employee, Paige & Campbell was very receptive and ensured to shop my policy around to ensure I received a great price that was almost half of what another broker quoted me.

Jennifer L.

How Much Do Product Liability Policies Cost?

Rates for product liability policies vary, because these policies are used to protect many different businesses and insurers consider a plethora of criteria when setting premiums. Some of the factors that can influence how much a specific policy costs are the:

Kinds of products a business makes or sells
Quantity of products a business sells
Types of customers a business sells to
Instructions and warnings that come with products

Even with policies varying in price, however, coverage is generally affordable. It’s almost always more affordable than facing a potentially expensive claim with no protection in place.

How Can Vermont Businesses Get Product Liability Insurance?

For help finding product liability insurance, contact the independent insurance agents at Paige & Campbell Insurance. Our agents have helped many businesses in Vermont procure this coverage, and they have the expertise necessary to assist you with your business coverage needs as well. Since all the agents on our team are independent, they’re able to recommend the best available policies regardless of what insurance company offers them.