If your client’s business produces products – even if they have a small, home-based company – they need Product Liability and Product Recall insurance. Businesses of all sizes are vulnerable if any of their products are defective or recalled.
Half a million new businesses started in January 2021, and most were small businesses selling products, including clothes, cosmetics, toys, and more, to customers. Despite every business owner’s best efforts and intentions to produce the highest-quality goods, it’s always possible that products could malfunction and cause harm to customers. Therefore, agents and brokers must educate business owners about the need for both Product Liability (which covers bodily injury and property damage caused by a faulty product) and product recall coverage (which covers financial losses from removing defective products from the commerce stream). Read this helpful article for information on why the coverage is essential to your clients.
For more information about Jencap’s specialized expertise in Product Liability and Product Recall insurance, contact us today.