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Product Liability Vs. General Liability Insurance

Product Liability Vs. General Liability Insurance

If you own a business that specializes in selling firearms or firearm accessories, you’re probably well aware of the importance of having an insurance policy in place. However, you might not know exactly which insurance policy you need to obtain to protect your company from claims filed by your customers. More specifically, you might be confused about whether or not you need to get product liability insurance if you have general liability insurance already. Let’s learn about what makes these two types of insurance different.

What is general liability insurance?

General liability insurance is, as its name would suggest, the most basic type of liability insurance plan that you can get on behalf of your business. It’s designed to protect companies from claims that involve either injuries or property damage. It can be used to cover the costs associated with medical bills, attorney fees, and more. If, for instance, someone slips and falls inside your business and suffers an injury that requires medical care, your general liability insurance will cover you.

What is product liability insurance?

Based on the description of general liability insurance, you might be under the impression that it covers just about everything. In reality however, it really only protects companies from the most basic insurance claims. Product liability insurance, on the other hand, is a more specialized type of insurance that can protect your business if one of your products ever causes an injury or property damage to occur. A product liability insurance policy could end up saving you millions of dollars if you put one into place.

Do you need product liability insurance?

Those who work in the firearms and ammunition industry should consider investing in as much insurance as they can. Product liability insurance is a great example of a type of insurance that can benefit firearm manufacturers, gun shop owners, and more. It goes above and beyond general liability insurance and ensures your company is protected from potential lawsuits.

If you don’t have product liability insurance already, you should consider looking into it right away. Firearms Insurance Agent can provide you with additional information on product liability insurance if you’d like to find out more about it. Call us at 816-229-4450 to speak with someone about how it works.