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Products liability insurance provides cover for compensation claims costs and expenses, for injury, or loss or damage to other people’s property, arising out of, or in connection with, any product or completed work for which you are responsible.
Whilst products liability is not required by law, it is almost an essential purchase for any business which is supplying, manufacturing, distributing, wholesaling or retailing any products or goods.
Anyone in the supply chain can be pulled into a legal action and potential injury claims and legal defence costs can be significant.
In many instances, products liability can be purchased in conjunction with public liability on a single policy. However, for risks with a greater exposure, a standalone products policy can be advantageous.
At Insync, we can access a number of unique schemes which specifically cater for all types of product led risks, from electronic devices, vape and e-cigarettes, to food and beverage supplies. Our team of expert advisors will make it their business to help you understand your risk and compare quotations from up to 10 of the UK’s leading insurers.
Cover for all types of businesses including manufacturers, retailers, online retail, wholesalers, distributors and import or export agents
Full cover up to 100% exports to USA and/or Canada
Cover for imports from China and/or Far East
All trades and industries including children’s products, electronics and adult goods
Up to £10,000,000 limit of indemnity (higher limits available on request)
Option to include public and/or employers’ liability
We compare prices and cover from our panel of leading products’ insurers
Instant quotations - cover and policy documents in minutes
Flexible cover & monthly payments – just pay for the sections you need
Expert advice from Public and Products Liability Insurance specialists
Personal – Digital servicing AND your own dedicated insurance professional
An electrical firm is installing a new flat screen television for a client and their employee accidently drills through a gas pipe. Replacing the pipe, making good and redecorating costs total c£5,000, which is handled via their insurers.
The cost of public liability cover is predominately driven by the trade or profession, the type of work being undertaken and the amount of work being carried out during the policy period.
Typically insurers will either rate the policy on the total number of people working in the business (split between manual and clerical roles), or the turnover / fee income.
Premiums for liability insurance start from as little as £50 (plus insurance premium tax) for sole trade occupations.
If you are contracting to a larger firm it is likely that they will request a limit of indemnity that you will need to purchase – often this matches their own level of cover.
In other circumstances you should look at the risk in terms of the type of contracts and work being undertaken. For example, if you are fitting lighting at a hospital, clearly the risk is much higher than performing the same task at a private home.
Generally most experts recommend a limit no less than £2m for any manual occupation.
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