Product Liability for Exporters
Product liability is personal protection similar to Professional Indemnity insurance for production factory owners. Western countries consumers engage in legal action against the productor of the goods..
More exporters purchase Product Liability Insurance to protect their business
With more EU/ US laws protecting public health, exporters and distributors are at risk of an international lawsuit in case of defect endangering health or life of the consumers. Did you know 40 angry Facebookers against your product can trigger a class action, with free lawyer? How can product liability insurance can avoid CEO a jail term? With more and more class actions for product defects, product insurance against civil or criminal lawsuits by consumers for Makers has never been more in need, especially for exporter to USA and the EU as a group of 40 angry Facebookers can start suing you
Product Liability Insurance protects you against criminal lawsuit
Did you know that only a 40 angry Facebook group of customers can engage in class-action against whoever makes or distributes defective products? Actually, a couple of injuries or death by a product, is sufficient number of customers, for others to join as potential victims. The next thing is some class-action lawyers can suggest free service to sue the business owner for a share of monies paid by the owner/ insurer for the prejudice caused to the plaintiffs. NB. just to remind you that the cost of 1 lost life or permanent disability in the Western world is in the couple of millions Euros/ US dollars. If not paid by the company or the insurer, the worse case scenario could be personal negligence:
- Going from civil court to criminal court
- Going from corporate indemnity to personal assets or jail term
