Product liability insurance is a type of insurance policy that offers coverage for legal liabilities arising out of damage or injury caused to a third party due to a product manufactured by the insured business. It covers legal and financial liabilities because of illness, bodily injury or accidental death to a third party or third-party property damage
Advantages
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Protection from Design Flaws
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Coverage for Defects in the Manufacturing or Production Process
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Commercial General Liability (CGL) Coverage
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Defective Warnings or Instructions
Extensions
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Medical Expenses cover
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Pollution cover
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Product Liability extension for manufacturers
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Food and Beverage cover
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Act of God Peril cover
Main Exclusions
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Own property or product damage
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Fraudulent activity or intended injury
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Injury to your own workmen or professionals (They can be covered under separate policies)
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Damage caused by War, Terrorism, Aircraft etc.