What is a product liability insurance policy?

A product liability insurance policy is a form of insurance that provides protection to businesses that make, sell, or distribute products. Specifically, it protects them from legal claims if the product they produce is found to cause injury, illness, or loss, or if it fails to perform as it should. In this way, product liability insurance helps to ensure that businesses don’t have to face catastrophic bankruptcy in the event of a lawsuit. In Florida, product liability insurance is important due to the state’s Dangerous Products Law, which holds businesses liable for damages caused by defects in their products. As such, businesses must carry sufficient insurance coverage in order to protect their assets and cover the cost of any potential lawsuits or legal judgments. This insurance coverage is also important if a company decides to pursue a settlement with an injured consumer, as it will help cover the cost of the settlement. In summary, product liability insurance is an important part of doing business in Florida. It helps to protect business owners from the financial losses associated with a product liability lawsuit, and ensures that injured consumers can be adequately compensated for their losses.

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What is a product liability insurance policy?

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