6 Ways Product Liability Insurance Can Reduce Retail Risks
Being a retailer is kind of like being a celebrity. You’ve got the household name people recognize, a loyal fan base of frequent shoppers, and maybe even a group of online haters. I couldn’t tell you the brand name of my bedsheets, but I can tell you I bought them from Target. That’s the power of retailer magic!
Your storefront is at the forefront of the supply chain (whether you’re a brick-and-mortar or click-and-order store). This direct consumer relationship puts your business in a unique position to be hit with a variety of lawsuits, regardless if an accident was your fault.
Even if a product you sell wasn’t made by you, it can often still be linked to your store since that’s where someone made a purchase. This is where the power of retail product liability insurance starts to shine.
1. Product-related Accidents
Consumer products sent 12.7 million people to the emergency room to be treated for injuries in 2022. Most of the injuries were caused by everyday household items you would assume to be safe, like chairs, pillows, and cleaning products.
If a customer buys a product from you, and that product causes bodily injuries or property damage, you’re …