Magazine

Mistakes happen. Professional liability insurance protects both your customers and your personal assets.

As life science businesses prepare for another flu season, and as COVID-19 cases increase, now is the time to encourage clients to take measures against product shortages.

Whether insureds sell through an Etsy store, a retailer selling products online or even at a farmers market, any parties involved in the product chain can be liable for a customer’s injury.

Given the number of civil filings made in 2022, personal injury awards are putting pressure on the product liability insurance market as nuclear verdicts become the norm.

A product recall policy is much broader than its name suggests, covering recalls, stock recoveries when the product is still in the insured’s possession, and market withdrawals.

Even though small businesses put a lot of work into manufacturing high-quality products, there is always the chance that products could fail to work properly and cause harm to a consumer.

The new policy offers features including coverage for claims made against an insured person solely because they happen to be a plan fiduciary.

The study provides insight into a sector of the industry that has seen a dramatic increase in claims and activity during the COVID-19 pandemic.

Clients may look to reduce coverage with product liability market pricing expected to continue hardening in 2021. Here are four coverages agents should consider offering to ensure their clients are adequately insured.

While negatively impacted by the global pandemic, certain sectors of the product liability market, from technology to the life sciences industry, are seeing opportunities for growth.