Product and Complete Operations Liability Insurance is a type of insurance coverage that provides protection from claims arising from the use, sale or provision of goods or services. This type of liability insurance typically includes three components: Product Liability, which covers losses due to product defects and/or errors; Completed Operations Liability, which covers damages resulting from works completed by the insured party (such as construction projects); and Advertising Injury Liability, which covers losses resulting from libel or slander claims related to advertising activities.
More Information on Product and Complete Operations Liability
This type of insurance is designed to protect businesses and individuals who produce physical products or provide services against lawsuits alleging bodily injury, property damage and other associated claims arising out of the use, sale or provision of those products or services. It can also provide coverage for losses resulting from defective products, faulty workmanship or errors in the insured party’s advertising. Additionally, this type of insurance can assist in safeguarding a company’s financial assets by reducing their risk exposure to liability claims.
Product and Complete Operations Liability Insurance can be purchased as an individual policy, or it may be added on to an existing business owner’s policy. Purchasing separate coverage is typically more expensive than adding it onto a business owner’s policy but provides greater flexibility and broader coverage options.
Those who provide services such as construction, landscaping and home improvement should consider obtaining Product and Complete Operations Liability Insurance due to the increased risk of bodily injury claims associated with these services. It is important to understand the details of any Product and Complete Operations Liability coverage purchased, as different policies may provide varying levels of protection.
By obtaining Product and Complete Operations Liability Insurance, business owners can protect their financial assets from claims arising out of their products or services. This type of insurance is an essential tool for businesses looking to reduce their risk exposure to liability claims, particularly in industries with a high level of potential bodily injury claims such as construction and home improvement.
Product and Complete Operations Liability Assistance
If you are seeking assistance in setting up a Product and Complete Operations Liability insurance plan, our team can help. To get started, or to set up a free consultation with our team, simply call our offices at the number above or click on the quote button to reach us online.
Secure the BEST