Veracity Insurance Solutions is the solution for any business’ product liability insurance needs. When a business is part of any step in the supply chain of a product—whether it be sales, distribution, installation, or manufacturing—they can be held liable for third-party liability claims. With many small businesses unaware of the importance of product liability, many are left exposed to the risks associated with their product.
What these small business owners need is a risk management strategy that includes and emphasizes product liability. As an agent, it’s up to you to make sure that your clients are aware of the distinct importance of product liability since those policies are usually tied into a Commercial General Liability (CGL) policy.
For this reason, we’ve compiled some information on product liability insurance and why Veracity is the go-to for your clients’ insurance needs.
Why is Product Liability Insurance so Distinct?
A commercial general liability policy encompasses a lot, but it’s really only understood from a broader standpoint for a small business. Clients with CGL are protected against third-party claims that arise from bodily injury and property damage on premises, but we know you’re well aware of that.
What you may not be aware of is that your client’s business may need more specific product liability insurance to ensure their protection against third-party claims such as bodily injury and property damage losses arising out of a defect in the product a business sold, manufactured or distributed.
Both product liability insurance and general liability insurance are designed to protect a business in the case of a lawsuit. What your client is manufacturing or distributing and how much will determine how Veracity can customize their insurance portfolio.
You work hard to ensure your clients have policies that are tailored to their needs. In working with Veracity to find the right risk management policy, you get to interact with brokers and in-house underwriters who have more than 17 years of experience in the industry, which is reason enough to consult with us.
We provide insurance solutions for the most niche of small businesses. Our team holds “the pen” to underwrite custom, specialized liability policies for products ranging from industrial equipment to emerging products such as CBD and cannabis goods. The team has delegated authority to write for specific classes of business, so when things fall out of mainstream parameters you can be sure that we still have people who can write those necessary guidelines for your clients. No matter the size of your client’s business, we will be able to help.
Our product knowledge and expertise in the industry allows our brokers to customize forms and endorsements to meet the needs of insureds. We’ve aligned ourselves with national insurance carriers allowing us to specialize in being able to help your clients meet contractual agreements with vendors.
If your client is involved in any manufacturing or implied wholesale retail that provides any consumer goods, then you want to come to us to discuss their insurance needs. Our in-house underwriters have a quick turn-around time, being able to supply your client with a policy in less than four days, sometimes in as little as one.
Go here to learn more about Veracity’s product liability insurance.