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Home > Blog > General Liability vs. Product Liability Insurance
TUESDAY, DECEMBER 27, 2022

General Liability vs. Product Liability Insurance

Businesses of all sizes and sectors must account for liability risks. Regardless of how well you maintain your workplace and equipment or how diligent you are in caring for your employees, losses and damages can happen. If you are found to be at fault for an incident that affected someone outside your organization, they may file a lawsuit that could lead to high out-of-pocket costs. With that in mind, your business must have sufficient liability coverage. 

To ensure that your insurance portfolio can provide essential resources, your business must take the time to understand the capabilities of various types of liability coverage, such as general and product liability. 
woman standing outside cafe
What Does General Liability Insurance Cover? 

General liability insurance casts a wide safety net across many common risks and exposures that most businesses could have to manage. This type of coverage can provide financial assistance in response to the following incidents: 

  • Bodily injury—If a third party, such as a guest or customer, is injured on your premises, this coverage may help pay for their losses.
  • Property damage—If your business is at fault for someone else’s property being damaged, your insurance may compensate them for repair or replacement costs.
  • Personal and advertising injury—This coverage may provide financial assistance if you are responsible for personal and advertising injuries, such as slander, libel, copyright infringement or false advertising. 

What Does Product Liability Insurance Cover? 

Product liability insurance is a more specialized type of coverage that may be an invaluable investment for businesses that distribute goods. These claims can arise from many potential issues arising from errors or negligence throughout a supply chain. Common claims may include the following: 

  • Defective products
  • Malicious tampering (e.g., a food service employee befouling product)
  • Contamination
  • Mislabeling
  • False advertising 

A product liability insurance policy may also be capable of providing financial assistance if your business must issue a product recall. 

What Insurance Do I Need? 
As its name suggests, general liability insurance offers diverse financial protection across many risks and exposures businesses of all sizes and sectors may need to manage. The additional coverage provided by product liability insurance may prove to be a crucial policy for companies that take part in the following: 

  • Manufacturing
  • Repairs
  • Distribution
  • Sales 

Get the Right Coverage 

Every organization should take the time to construct and maintain a sufficient insurance portfolio. A key step to achieving this goal is understanding the various coverages available. The experts at Dixon Blackwood Insurance Agency are well-equipped to help businesses in Sumter, Summerton and throughout South Carolina determine their need for general liability insurance, product liability insurance and other coverages. 

Visit our website or call one of our offices today to get started. 

 

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information. 
Posted 2:14 PM

Tags: general liability, professional liability
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NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
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P: 803-494-8880
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