Whether you are interested in purchasing product liability insurance or you’ve been a victim in a product liability accident, it’s good to know the answer to the common question – what is product liability insurance?
Product liability insurance is optional insurance that business owners purchase to move the liability away from them if an accident happens due to a defective or faulty product. It may be a product that they make or sell. Or, they may have some part in the manufacturing, distribution, and sales chain.
Have a question about product liability insurance or want to meet with a West Palm Beach product liability attorney to discuss a potential case? We can help you find the right solution for your needs. Call 561-655-1990, contact us through live chat, or send us a message to get in touch with our team today.
Who purchases product liability insurance?
Lack of product liability insurance can cause a business to fold entirely when a serious accident occurs that causes severe injury or death.
Anyone who takes part in the selling, manufacturing, or distribution of any product should consider purchasing product liability insurance. Out-of-pocket expenses to cover damages that were caused by your part in the manufacturing, distribution, and/or sales process can be costly for any business.
Product liability insurance allows a business to not be devastatingly impacted by any payments or awards related to product liability claims. The product liability insurance company will pay for all related legal costs, including attorney fees, settlement awards, and all liable damages.
What Product Liability Insurance Covers
Product liability insurance is able to cover businesses for all costs related to any claims that were due to a defective or faulty product. It is an affordable safety net for businesses who are involved in the manufacturing, sales, or distribution chain for any products.
Types of defective or faulty products that can hold all parties in the sales, manufacturing, and distribution chain include:
- Manufacturing defects – When an error in the manufacturing causes a defect in the product and strays away from the intended design.
- Design defects – When the product’s original design has an error and causes it to be problematic and dangerous, often due to lack of or improper testing.
- Marketing defects – When there is a lack of a warning, instructions, or a label to inform customers of proper use of the product or instructions on how to avoid injury.
Products that are proven to have manufacturing defects, design defects, or even marketing defects are covered by product liability insurance. In some cases, a customer may not have read the warning label, and the damages may end up being partially or fully their fault, resulting in no damages awarded.
In other cases, it is clear that a manufacturing defect caused the injury or death, holding certain parties liable for the losses experienced by the victim and/or his/her family.
Common Damages in Product Liability Claims
When a person has been injured or killed by a defective product, a product liability claim can help recover a wide number of damages that a victim may have suffered from the accident, including:
- Personal injury, both physical and emotional – Including all related costs to emotional or physical injuries, such as medical bills and expenses, pain and suffering, and more.
- Property damages – Damage to personal possessions or property that happened as a result of the accident.
- Lost wages – Lost income that the victim was unable to receive due to the injury.
- Wrongful death – When a product causes the death of a loved one, the victim’s family can bring forth a wrongful death claim to the court and receive compensation for the value of lost support, companionship, and more.
How Product Liability Cases Work
When a person has been injured or a loved one has been killed in a product liability accident, the victim and/or his/her family can file a product liability claim to recover damages and win compensation for their losses. To prove liability in these types of lawsuits, all of the following conditions must be met:
- The product was sold in the legal marketplace.
- The manufacturer or seller has the responsibility of meeting basic customer expectations.
- The product is defective or faulty.
- The defective or faulty part caused the product to become unreasonably dangerous.
- It is clear how the defective product caused harm to the person.
- The injury or harm caused actual damages that can be claimed in court.
We can help you prove the negligence or fault in causing your injury and damages and pursue the maximum compensation that you are entitled to receive for your losses. We are a trusted name in personal injury litigation in West Palm Beach, Boca Raton, and the surrounding areas in Florida.
When can a product liability claim be filed?
The statute of limitations governs the amount of time that you must file a product liability claim to win compensation through a lawsuit. Outside of the designated time period, you will likely not be able to use a lawsuit to recover damages from an accident.
Product liability claims must be filed within four years. When death has occurred due to an accident with a defective or faulty product, a wrongful death claim must be brought forth within two years from the date of the death.
Meet With a Leading Florida Product Liability Lawyer
Whether you’ve been recently involved in an accident with a defective product or you have more questions about what is product liability insurance and how it can protect you, a Boca Raton product liability lawyer at Lytal, Reiter, Smith, Ivey & Fronrath would love to help.
Schedule your free, no-obligation consultation to find out what the best path forward is for your case. You don’t pay until we win. Call 561-655-1990, chat with us online, or send us a message to get in touch with our team today!