As long as you manufacture or sell products, you should seriously consider protecting your company with product liability insurance.
Some types of businesses have significant exposure to / will frequently face product liability lawsuits:
- Automotive parts retailers/manufacturers
- Children’s toys and products retailers
- Medical device distributors
- Industrial machinery distributors
- Household appliance distributors
Sometimes, retailers/distributors of products think that because they didn’t manufacture what they’re selling, there’s no product liability that they’re responsible for. This is not true. As long as a product is defective, and causes harm to users, companies that make or distribute these products can face lawsuits.