US Liability Insurance

For my US liability insurance I have been asked for an Acord form – What is this?

A declaration of cover is provided on an Acord form.  Acord forms are standard and used throughout the United States.  These are used for all aspects of insurance business unlike the UK where there is no single standard.  We at Bromwall can issue Acord forms immediately to our clients for US liability insurance to comply with USA requirements.

If your business sells or manufacturers goods you are responsible for the quality of these goods and any problems they cause once they are sold.

The product can cause injury or damage to the customers property and you could be responsible to pay for any compensation.  If goods are in the US, its your US liability insurance that will receive a claim.

So What Is Products Liability?

Products liability insurance provides protection for your business when manufacturing or selling your goods (be they food, medicines or any other items). The insurance will offer protection against injury, property damage or disease caused by your products or the defense of an accusation of such.

 You do not have to manufacture a product to obtain cover. You are at risk from litigation by just selling or supplying products. The manufacturer is not the only party that can be liable for product flaws or failures. A wholesaler or retailer can be found liable for many reasons, for example:

• Having your company name on a product
• If you have repaired or serviced a product
• If the manufacturer cannot be identified
• Or the manufacturer has gone out of business
• If the product has been imported from outside the EU

Do I Really Need Cover?

Yes! Liability in business is really is essential, especially when dealing with the USA. Most US companies will not purchase goods without proof of products liability cover. Whether you are looking for liability insurance for small business or you are a multi millions pound company, you need insurance cover.

Can I Do Anything To Reduce The Chances Of A Claim?

Yes, good quality control with full traceability of your products is vital. Keep all documentation of purchases and sales and get all labels checked by a solicitor. Take care when signing a contract – watch out for hold harmless agreements or anything that could limit your ability to pass a claim to a negligent party.

Overall, as you enter new markets around the world, you need to make sure your insurance policy can keep up with your business. Its not hard to find you soon conduct more US business than your existing insurer is comfortable with. This is where Bromwall Ltd can help.  We have access to many top level insurers who specialise in business going to the United States and other countries around the world and we are very experienced in place business just like yours.