Fuelled Group | Products Liability

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Product Liability
Insurance

Products liability insurance is designed to protect businesses against claims related to injuries or damages caused by products they manufacture, distribute, sell, or promote. If a product malfunctions, has inherent defects, or does not provide the safety that consumers might reasonably expect, it can lead to significant legal repercussions. This type of insurance covers the legal costs associated with defending against such claims, as well as any potential compensation that might be awarded to claimants.

How does it apply to tech co's?

For startups and scaleup companies venturing into the creation, distribution, or sale of tangible products, products liability insurance is of paramount importance. Even with rigorous quality control and testing processes, there's always a possibility that a product could fail in some unforeseen manner. Consider tech gadgets that might overheat or even something as simple as a promotional item causing harm due to a manufacturing defect. In any of these scenarios, the company can be held liable for resulting damages or injuries.

Explained

Having products liability insurance in place serves as a crucial financial buffer for businesses, ensuring that a product-related claim doesn't jeopardise the company's financial stability. Furthermore, much like professional indemnity insurance, having products liability insurance can enhance a company's market reputation. Distributors, retailers, and even consumers may seek reassurance that a business stands behind its products and has mechanisms in place to address any issues that might arise.

Read our comprehensive guide to business insurance

How much cover
do you need?

We can provide various limits from £1,000,000 right up to £10,000,000. In some cases, you may even be asked to have more than that as part of a tender or as an agreed contractual obligation.

If you are a member of a professional body it may be worth checking your obligations, otherwise, you can speak to one of our experienced team for an open conversation about your exposure.