product liability insurance

[pearlescence]

(caitlin, was not sure which forum this should go in so please move to another if you think it more suitable...thanks)
I'm selling more and more to America and a post on anther forum set me wondering about product liability insurance...While I have some cover, litigation is expensive over there and so I wondered what other sellers do and if there are recommendations?

 

[Mikeyy]

If your insurer doesn't cover your products here you could buy liability insurance here. General aggregate of $2,000,000 and $1M products, $1M Each occurance, $1M Personal injury runs you $666.00. A devil of a price. I know because I just checked.

 

[pearlescence]

That is a lot of money Mikeyy. devil indeed. How do small sellers manage? To the smaller sellers here - like me - how do you find such a huge sum each year? The insurance for ?5m (about $7m ish) is under ?100 and that includes public liability too!

 

[Nerida]

Wendy, I have product liability here for about that much and it costs me so so much more than that - over $500 per annum. I currently need insurance in the US (thanks, Miketyy!) but to organize it from Australia was quoted at about $6K through my broker here... Mike's price looks cheap to me!

 

[pearlescence]

Isn't it fascinating what you find out when you ask around? What with public liability as well...I wonder if there have ever been pearl related claims?

 

[Mikeyy]

Isn't it fascinating what you find out when you ask around? What with public liability as well...I wonder if there have ever been pearl related claims?

Yeah, I don't know but you might get a kick out of this. The place you can get pearl liability insurance is called PEARL INSURANCE Co. http://pearlinsurance.com/ The guy in the pic looks just like me too. If you squint and cock your head just right......and are drunk.

 

[Katbran]

Why do you need product liability insurance? Is it the law when you sell commercially? To protect you from people who stick a pearl up their nose or the strand breaks and they slip on a pearl ?? lol

 

[pearlescence]

Yes katbran. It's not the law, but it is good sense. just like having public liability.
I've never had a claim yet but there is always a first time and always that cutomer on the horizon

 

[Mikeyy]

Why do you need product liability insurance? Is it the law when you sell commercially? To protect you from people who stick a pearl up their nose or the strand breaks and they slip on a pearl ?? lol

If you are a wholesaler most companies you supply will require you carry product liability insurance. It's pretty common.
Because pearls are obviously the perfect size to get stuck in your nose.

 

[pearlescence]

Presumably retailers too, for the same nostril (and ear) reason?