How Much Product Liability Insurance Do I Need?

Does your business need inland marine or cyber liability insurance? Are your gross annual sales over $1 million dollars? These can all impact how much product liability insurance your particular business needs.

“How Much Product Liability Insurance Do I Need?”

The amount of product liability coverage you need may vary based on the niche your product is in and how much risk it carries. The industry standard is a $1 million dollar per occurrence limit with a $2 million dollar general aggregate limit. These prices are typically calculated based on how much risk your product and business carry, any past claims you may have, how long you have been in business, and your gross annual sales. Typically newer businesses have lower exposure to risks, making annual premiums lower. Some big businesses may have more years of industry experience, but a lower risk to claims because their product is less likely to cause bodily injury or property damage. As your business grows, your insurance needs to grow with it. This means increasing your limits as your risks go up.

See What Insurance Canopy’s Product Liability Insurance Can Do For You

We hope this information helps you no longer have to wonder, “How much product liability insurance do I need?” For more than a decade, Insurance Canopy has helped insure niche products, allowing businesses to grow into new marketplaces and increase their sales. Submit your application for a product insurance quote in minutes today.