Product Liability Insurance

[OJSARG]

We are being quoted an extortionate amount for our Product Liability Insurance. We import goods under our own brand from China. Does anyone else have any experience with Product Liability insurance? If so, What category are your products under? What was the cost?

 

[Paul Kelly ICHYB]

Have you shopped around?

Has the quote gone up significantly from last year?

What sort of products are they?

 

[GaryMichael]

We are being quoted an extortionate amount for our Product Liability Insurance. We import goods under our own brand from China. Does anyone else have any experience with Product Liability insurance? If so, What category are your products under? What was the cost?

Hello,

I'm an insurance broker and I place a lot of Products Liability risks and there are generally two factors that put the pricing up - importing from the Far East (it's difficult for your insurer to recover against these manufacturers) and exporting to North America (the claims are typically more expensive due to legal/associated costs).

If the product carries any extra type of risk, for example if you're supplying equipment used in manual trades, products with a marine application, pharmaceuticals etc. etc. - then this will have a bearing on the cost too.

This being said, there will be a couple of specialist insurers or binders depending on these details that will be highly competitive compared to your standard markets. Check with your insurance broker to make sure they are covering off a wide panel. Hopefully they are able to give you peace of mind and you can continue your relationship with them.

If you'd like a second opinion, do feel free to contact me on [email protected] and I will give you a more specific response based on your business.

Many thanks,
Gary