For businesses that manufacture and sell their own products, there’s always a nagging worry that something could go wrong with a product. No matter how carefully a company manages their supply chain or how rigorous they are with product testing, there’s a chance a product could fail, malfunction, or not perform as expected. Often the...
If your client’s business involves assembling, importing, exporting, manufacturing, transporting, and/or distributing goods—a Stock Throughput Policy (STP) may be needed to cover their risk exposure. What is a STP A STP is a form of marine coverage that protects a company’s goods throughout the global supply chain- from creation to final...
Also referred to as errors and omissions insurance or an E&O policy, professional liability insurance is coverage for professional services such as accounting, medical or healthcare, and legal work from claims filed by their clients for acts of negligence. Many of the professionals working in these fields don't have an accurate understanding...
If you clients have never experienced product recall, they may not understand the risks involved. You can be a great resource to your clients by mitigating that risk before it puts a strain on their resources. Minimizing the damage your clients may experience as a result of a product recall requires two things: a comprehensive response plan a...
If your client doesn’t have product liability insurance for their business, they shouldn't be in the business of creating products. Sounds like a bold claim, doesn't it? But let’s examine the facts as to why: In the event of an accident, it is up to the court to determine if negligence occurred and whether or not the manufacturer/seller should be...
Depending on what part of the country your clients live and work in, most states allow punitive damage insurance coverage. The issue of whether or not to insure punitive damages has been the source of some confusion and frustration. But before more confusion is added to the conversation, it’s best to get a better look at what punitive damages are...