Excess Products Liability
Excess Products Liability Insurance provides an additional layer of protection for businesses that manufacture, distribute, or sell products. This insurance kicks in when the limits of your primary Products Liability policy are exhausted, ensuring that your business is fully protected against large claims. Whether you operate in a high-risk industry or simply want extra peace of mind, Becks Insurance Brokers in Brighton offer tailored Excess Products Liability Insurance solutions to safeguard your business from substantial financial losses.
Enhanced Protection for Product-Related Risks
Products Liability Insurance is essential for any business involved in the production or sale of goods, as it covers claims of injury or damage caused by defects in those products. However, in some cases, the standard coverage limits may not be enough, especially in industries with higher risks or potential for large claims. Excess Products Liability Insurance provides additional coverage above your existing policy limits, ensuring that your business is protected against even the most significant claims.
Features and Benefits
Increased Coverage Limits: Provides an extra layer of financial protection beyond the standard Products Liability Insurance limits, ensuring sufficient coverage for large or multiple claims.
Customisable Coverage: Tailored policies that allow you to choose the level of excess coverage that best suits your business’s needs, whether it's an additional £5 million, £10 million, or more.
Peace of Mind: Protects your business from the financial impact of large claims, safeguarding your assets and ensuring business continuity.
Compliance with Contractual Requirements: Ensures your business meets contractual obligations or industry regulations that require higher levels of Products Liability cover.
Risk Management Support: Access to risk management resources and advice to help mitigate potential risks and reduce the likelihood of large claims.
What is Typically Covered?
Excess Products Liability Insurance typically provides coverage that extends beyond the limits of your existing Products Liability policy. Typical cover might include:
Large Claims Protection: Provides additional coverage when the financial costs of a product-related claim exceed the limits of your primary policy.
Multiple Claims: Covers situations where multiple claims are made against your business within the same period, potentially exceeding your standard policy limits.
Legal Costs: Covers the legal expenses associated with defending large or complex claims that surpass your primary insurance limits.
International Coverage: Extends protection to claims made in different jurisdictions, ensuring global coverage for your products.
Exclusions may mirror those in your primary Products Liability policy and can include intentional misconduct, known defects not disclosed to the insurer, or claims related to products that fall outside the scope of your standard coverage. The specific terms and conditions will vary depending on your business’s needs and the insurer. Becks Insurance Brokers will work closely with you to tailor your Excess Products Liability Insurance policy, ensuring comprehensive protection that aligns with your risk profile.
To enhance your Products Liability coverage and protect your business from large claims, book an appointment with one of our specialists here or arrange a quotation here.
