Product Liability Insurance is a protection.on business owners against claims that's emanating from alleged third-party property damage or bodily injury.
This kind of bodily injury or third party property damage is always due to an insured manufactured products, the distribution of same or sell of it.
Product Liability Insurance protects an insured business from damages that might come from poor design, bad manufacturing, or marketing defects, which can be about incorrect labelling etc.
So how much does Product Liability Insurance cost in Canada
In Canada the cost of Product Liability Insurance diverses and it's mostly based on the type and volume of products an insured distribute, sell, manufacture etc
When the price of the cost of premium are to be determined the below factors are always taken into consideration.The following are the factors
Type of Product and Associated Risks
The product types of the insured are assessed and the risks measured too
The volume of Product Sold
The quantity of the products that are sold will also be taken into consideration
Claims History
They will be the previous claims history assessed as well to know more about the insured manner of claiming.
Coverage Limits
There will be the converage limits assessed as well
Annual and Projected Revenue
insurer will take into consideration the revenue of the business.
This kind of bodily injury or third party property damage is always due to an insured manufactured products, the distribution of same or sell of it.
Product Liability Insurance protects an insured business from damages that might come from poor design, bad manufacturing, or marketing defects, which can be about incorrect labelling etc.
So how much does Product Liability Insurance cost in Canada
In Canada the cost of Product Liability Insurance diverses and it's mostly based on the type and volume of products an insured distribute, sell, manufacture etc
When the price of the cost of premium are to be determined the below factors are always taken into consideration.The following are the factors
Type of Product and Associated Risks
The product types of the insured are assessed and the risks measured too
The volume of Product Sold
The quantity of the products that are sold will also be taken into consideration
Claims History
They will be the previous claims history assessed as well to know more about the insured manner of claiming.
Coverage Limits
There will be the converage limits assessed as well
Annual and Projected Revenue
insurer will take into consideration the revenue of the business.
