I have searched for insurance companies and agents everywhere for this but the only one or two companies I have found only insure multi-million dollar companies. I am just starting out and need to find product liability insurance before I can start manufacturing and selling. Please help!
3 Comments Already
March 30th, 2010 @8:29 am
I live in SA so things may be different where you live.
I would go about insuring your business with a short-term insurance company and adding public liability to your policy normaly they will specify the amount.
I dont think there is such a thing as “product liability” insurance rather personal liability insurance and that is normaly dealt with by specialist insurers.
So I would go with option A.
March 30th, 2010 @8:36 am
You have to go to an independent agent, who can put this out on the surplus market. I disagree with the guy that says find the largest agency – they’re the ones most likely to say this isn’t worth their time, and refuse to bother to quote you.
The direct writers – State Farm, Allstate, Nationwide, etc, are NOT going to be interested in this. An independent will find a company for you.
It’s not going to be cheap. Plan on this coverage STARTING at $5,000, maybe more. And you’ll have to give them a TON of detailed information, so it’s probably going to take a couple weeks to get a quote.
Find the largest independent insurance agent in your area and speak with them. They will represent many companies and can shop the product to the companies.
I am an independent agent and we have written many product liability policies. If you contact enough independent agents you will find one with a market for your product liability.
EDIT: The coverage by name you want to be looking for is…”Product and Completed Operations Liability”