Product Liability Insurance in India | Buy & Renew Online

What is Product Liability Insurance?

Product liability insurance is mandatory for all the business that supplies products. This insurance policy is basically included to industry specific business insurance package. It is also known as general liability insurance which is a part of a public liability insurance policy. Product liability insurance policy is usually designed for professionals who supply products to their customers.
You all know that business is an intrinsically risky proposition. Any kind of unfavorable situation can hamper your business and you cannot predict so. As a manufacturer or an entrepreneur you may fall in an intricate situation due to the damages of third party property caused by your products. But this product liability insurance policy in India provides protection against any legal liability incurred from third party injury or losses/damage to property which is caused by the use of the product sold or supplied. This insurance policy ensures that if this happens, you do not have to pay any legal or court costs.

Do You Need Product Liability Insurance?

This Product liability insurance is basically recommended for distributors, manufacturers, retailers and wholesalers who supply products. If you supply products that appear completely safe, but there is always the probability for something to go wrong and it is impossible to foresee. If any personal injury or property damages arise by using the products or the failure of products, then you will get coverage against claims which can be incredibly expensive, and even if you are not at fault, you may still incur substantial legal costs while defending yourself.
Additionally, product liability insurance coverage safeguards your business in all the possible ways, even this insurance policy defense you against any legal costs. Hence, it is always advisable to go for product liability insurance policy in India if you have product supply business. Owning this insurance policy, you can confidently go about your work, knowing that you are protected if something goes wrong.

Features & Benefits of Product Liability Insurance

• You can buy or renew product liability insurance online because all the leading insurance providers offer user friendly website to buy insurance in convenient way.
• This policy can be eligible for all the product manufacturers, retailers, distributors and wholesalers.
• As a manufacturer, you can always be in a doubtful situation that your supplied product could cause damage to third party property or injury of a person. But the product liability insurance policies provide coverage for any legal liabilities to third party arising out of injury or harm due to a product sold by a business
• As an add-on cover, this product liability insurance policy can also be extended to cover the vendors. The add-on cover is named as Limited Vendor’s Liability. Policyholders can get coverage for liability arising out of sales and distribution of the insured products.
• As per product liability insurance online, you will get coverage for medical expenses if anyone who gets injured by using your supplied products.
•“Limit of Indemnity” under product liability insurance stands for the sum insured. This amount is decided based on two limits which are set for each accident that occurs during a particular policy period.
•The product liability insurance policy provides coverage for any legal liabilities to third party arising out of injury or harm due to a product sold by a business.
•Any kind of product can be insured under the product liability insurance coverage.
• If the insured product gets defected which causes injury, loss, harm or damage to a third party or his/her property, then coverage will be provided by product liability insurance policies.

Major Exclusions of Product Liability Insurance

Following are the major exclusions of product liability insurance online:-
•The policy is not formed to provide coverage for any liability for product recall, pure financial loss such as loss of goodwill or loss of market, product guarantee.
•This plan does not provide the costs incurred for repairing or modifying the defective parts of the product.
• Costs arising out of fines, penalties, punitive or exemplary damages are also excluded from product liability insurance policy.
•Any Accident arising out of the purposeful, intentional non-compliance with any statutory provision are not covered by this policy.

Way of Choosing the Best Product Liability Insurance Policy?

There are plenty of leading insurers who provide product liability insurance policies. So it is very natural to get confused while choosing the best policy. But GIBL.IN, an IRDA certified insurance broking portal will be the best option and can help you the most. 32+ leading insurance companies are associated with this portal, so you can get option to compare product liability insurance quotes online and then choose the best one. So visit the website of GIBL.IN to buy product liability insurance at an affordable price.