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Products Liability Insurance
In today’s climate of suit and countersuit, the potential for individuals and organizations to claim against injury or damage caused by faulty or defective products is on the increase. While not a compulsory form of insurance in most countries, it is now becoming more commonplace for companies to employ products liability insurance. In the past, lawsuits against such damage were rare, and the physical impact of faulty products was limited. Today, with the emergence of globalization, a company’s goods can be sold right across the world, resulting in the damage of faulty goods affecting a great many people.
Batch numbers are used to track ingestible products such as foodstuffs or medicines. This procedure has proved essential in tracking drug product that has been sold into international channels. High profile cases have reached the headlines, such as that brought against one pharmaceutical giant whose product was confirmed to have caused over 100,000 heart attacks worldwide. At one point, the drug was sold to over 80 million people across the globe. Drug companies are dealing in such risks daily, and products liability insurance has played a significant role in offsetting what could have been disastrous results for such companies.
Other companies subject to such risks are car manufacturers. Hardly a month goes by without one large motor company recalling certain types of tires or engine parts. In the event that those faulty products had caused injury or death to the persons using those vehicles, products liability insurance would have protected against personal and public lawsuits presented to those companies.
One of the largest class lawsuits of its kind is that brought against the large tobacco companies. These involve lawsuits worth billions of dollars. The element on trial here is whether the tobacco manufacturers knew many decades ago that their product could cause the damage that it has. Once again products liability insurance will protect the tobacco firms who will most likely be asked to compensate the many millions of people who have been damaged by their products.
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