Time To Deliver

Having a product design defect is obviously not a good thing but what is worse than that is not having product liability insurance in place to protect your business from liability claims.  These policies are based upon the type of product, volume of sales, and the role of the insured in the process. Thus, under reporting the volume of sales may seem like a good way to lower premiums or the idea may be to insure only a part of the sales. Don’t under report or try to insure less than the actual amount of sales. This is because there are usually substantial under insurance penalties applied when the insured under insures. On the other hand, you will want to make absolutely sure that your products are properly identified. For example, if you supply step stools, you do not want them categorized as ladders. Ladders will have a much higher premium because of the risk potential.  It is much better to make sure you buy the needed insurance than to have a claim come up and not be protected.