Unique liability challenges exist for businesses in relation to the manufacture, sale, and distribution of products. Virtually every company needs to have some form of products liability insurance because every business is responsible for its products. This includes warranty issues relating to the performance of the products. The product may be defectively designed or manufactured in a negligent manner, causing serious harm to those using it. Product liability insurance will protect you from third party claims for bodily injury, property damage, personal injury, or advertising liability.

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• Bodily Injury Liability: Protects your business from paying for damages if a third party should become injured on your premises or injured as a result of using one of your products

• Property Damage Liability: Provides protection for you if a third party's property is damaged as a result of using one of your products, or if your business or one of your employees is responsible for that damage

• Personal Injury Liability: Protects you if a third party is harmed as a result of your business operations or the actions of your employees (i.e., false arrest or detention, wrongful entry or eviction, libel or slander, or acts which violate someone's right to privacy)

• Advertising Liability: Provides protection for your business for personal or other injuries to a third party as a result of your business advertising

 

FIRSTGATE provides a broad range of support to business clients including: 

• Historical insurance policy organization and analysis

• Collection, organization and analysis of claim information

• Loss allocation modeling to support insurance underwriting

• Design of coverage schemes and negotiation with insurers

 

We also provide support to clients with insufficient insurance limits, and/or self-administered clients that are looking to lessen their exposure through risk transfer including:

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• Evaluation, recommendation, and implementation of best practices through loss control

• Elimination or reduction of risk through loss portfolio transfers

 

FIRSTGATE has strategies that can minimize the impact of product liability claims and mass tort exposures, as well as other related liabilities affecting your bottom line.