You hear product liability risk and maybe you’re put off at first. Perhaps you’re thinking, “Please don’t let it be about a fireworks warehouse.” Then you hear terms such as negligence, strict liability, and breach of warranty, and you get nervous. Add expressions such as concealed dangers, compliance, and adequate warnings, and you’re running for the exits!
Not so fast.
There are safeguards and predictive considerations that can limit your loss exposure to manufacturer and wholesaler risks. Yes, manufacturers as a group tend to have the highest degree of exposure and therefore inherently need stringent and formalized controls. But if your company prepares adequately, it can account for the risks and contain the loss. Have you considered the fact that simply packaging a product better decreases loss exposure? Same for attaching on an approved warning sticker or label.
There are several steps and areas that help companies underwrite effectively at a competitive price point. Find out how with our Product Liability Risk webinar on manufacturers and wholesalers.