3 Steps to a Free Product Insurance Quote

3 Steps to a Free Product Insurance Quote. Product liability insurance is a type of insurance that protects businesses from the financial consequences of a product-related lawsuit. If a customer is injured by your product, product liability insurance can help you cover the cost of their medical expenses, property damage, and legal fees.

Why Follow These 3 Steps to a Free Product Insurance Quote

If you own a business that manufactures, sells, or distributes products, you should consider getting product liability insurance. The cost of product liability insurance is relatively low, and it can provide peace of mind knowing that you are protected in the event of a lawsuit.

Here are the three steps to obtain a product liability insurance quote:

Gather the necessary information.

In order to get a product liability insurance quote, you will need to provide the insurance company with some basic information about your business, including:

• The type of products you sell or manufacture
• The number of employees you have
• Your annual sales revenue
• Your claims history

Contact an insurance company.

Once you have gathered the necessary information, you can contact an insurance company to request a quote. So, when you contact an insurance broker, be sure to ask about the following:

• The cost of the policy
• The coverage limits
• The deductible
• The exclusions

Compare quotes from different insurance companies.

Once you have received quotes from several insurance companies, be sure to compare them carefully. Make sure to consider the cost of the policy, the coverage limits, the deductible, and the claims process when making your decision. Insurance policies are not apples-to apples. Like any other product there are differences and nuances. Some of these may be the difference between a covered or a denied claim.

What information is needed to get a product liability insurance quote?

The information that is needed to get a product liability insurance quote will vary from insurance company to company. However, some of the information that you may be asked to provide includes:

• The type of products you sell or manufacture
• Your annual sales revenue
• Your claims history
• Where your products are manufactured
• Who manufactures your products
• Who you sell your products to and;
• Where you sell your products

How long before I can expect a quote?

The time it takes to get a product liability insurance quote will vary from insurance company to company. However, most insurance companies should be able to provide you with a quote within two to forty-eight hours.

How is pricing calculated?

The price of product liability insurance is based on a number of factors, including the type of products you sell or manufacture, the number of employees you have, your annual sales revenue, and your claims history. Also, some other factors are mentioned above. 

In general, businesses that sell or manufacture products that are more likely to cause injury will pay higher premiums for product liability insurance. Additionally, businesses with a history of claims will also pay higher premiums.

Beyond these 3 Steps to a Free Product Insurance Quote Here are Tips for getting the best product liability insurance quote

Here are a few tips for getting the best product liability insurance quote:

• Get quotes from at least two insurance brokers, but not more than three. Contrary to popular belief, littering the insurance market with your request can be costly and catastrophic because of the design of the insurance system.
• Compare the cost of the policy, the coverage limits, the deductible, and the claims process.
• Ask about discounts that may be available to you.
• Consider your business’s specific needs when choosing a policy.

By following these tips, you can be sure to get the best product liability insurance quote for your business.

In addition to the 3 Steps to a Free Product Insurance Quote. Here are some additional details about each of the factors that are considered when pricing product liability insurance:

• The type of products you sell or manufacture: The type of products that you sell or manufacture will have a significant impact on the cost of product liability insurance. For example, products that are more likely to cause injury, such as power tools or chemicals, will typically require higher levels of coverage than products that are less likely to cause injury, such as toys or food.
• The number of employees you have: The number of employees you have will also affect the cost of product liability insurance. For example, businesses with a larger number of employees are more likely to be sued than businesses with a smaller number of employees.
• Your annual sales revenue: Your annual sales revenue can also affect the cost of product liability insurance. For example, businesses with higher annual sales revenues are more likely to be sued than businesses with lower annual sales revenues.
• Your claims history: Your claims history can also affect the cost of product liability insurance. For example, businesses with a history of claims are more likely to pay higher premiums than businesses with a clean claims history.
• Make sure that you understand the terms of the policy before you sign it.
• Ask about any discounts that may be available to you.
• Keep your policy up to date with your business changes.
• Review your policy regularly to make sure that it still meets your needs.

Click here for a List Of Business Classes we Offer Products Liability For.

A small sampling of the classes we specialize in are: Food Products. Cosmetic & Skincare Products. Dietary Supplements . Fitness Products . Electronic Cigarettes . and Beer, Wine & Spirits. 

Think you are immune to a Product Insurance Claims?

Everyone does! However, the product that was assumed to be the most harmless, that almost everyone used on their baby had one. Over Baby Powder. Johnson & Johnson suffered a Product Insurance Claim for over $3.5 Billion, with an expected 40,000 more claims having been filed as of January of 2023. ^{1 2}  Similarly, Fitness product manufacturer, Peloton, had claim expenses of $19 Million due to a product liability claim.³

Because every product is different, underwriting a Product Liability Insurance policy is complicated. If you need a quote on Product Liability Insurance Coverage, please complete a product liability Insurance quote request . As many people have already found out, Castle Rock Insurance Agency is the best stop for a quote for their Insurance. We are the low cost solution for your Product Liability Insurance Policy. Castle Rock Agency currently offers Product Liability Insurance Policy Coverage in California, CA, Connecticut, CT, Florida, FL, Illinois, IL, Maryland, MD, New York, NY, New Jersey, NJ, Pennsylvania, PA, Texas, TX, West Virginia, WV, Virginia, VA as well as the rest of the nation.

¹ https://fortune.com/2022/08/11/johnson-johnson-stop-selling-talc-based-baby-powder-cancer-lawsuits/
² https://www.npr.org/2022/09/19/1123567606/johnson-baby-powder-bankruptcy-lawsuits 
³ https://abcnews.go.com/Business/peloton-agrees-pay-19-million-fine-treadmill-recall/story