Product liability insurance is essential for businesses that manufacture or sell products. It protects against claims of injury or damage caused by your products. But how much does it cost? In this article, we'll break down the costs, factors affecting premiums, and how to get the best quotes.
What Is The Average Cost Of Product Liability Insurance?
The average cost of product liability insurance can vary widely depending on several factors. Generally, small businesses can expect to pay between $500 and $1,500 per year for basic coverage. Larger companies or those in high-risk industries may see premiums ranging from $2,000 to $10,000 annually.
What Is Another Name For Product Liability Insurance?
Product liability insurance is also known as Product Guarantee Insurance or Manufacturers Liability Insurance. These terms are often used interchangeably, but they all refer to the same type of coverage that protects businesses from claims related to their products.
Why Is Product Liability Insurance More Expensive Than General Liability Insurance?
Product liability insurance tends to be more expensive than general liability insurance because it covers specific risks associated with the products you manufacture or sell. These risks can include defects, design flaws, and failure to provide adequate warnings or instructions. The potential for high-cost claims and lawsuits makes this type of insurance more costly.
THE SIMPLY INSURANCE WAY
Business Insurance made easy!
Agents Available To Assist
Get quotes and sign up online or get help from a licensed agent, we are here if you need us.
Unbiased, expert advice.
Get unbiased insurance education from licensed experts and also avoid dodgy sales calls.
Coverage in minutes.
You can get business insurance coverage within minutes of getting your quotes and applying.
How Much Does Product Liability Insurance Cost Per Month?
When broken down monthly, product liability insurance costs can range from $40 to $125 for small businesses. Larger companies or those in high-risk sectors might pay between $200 and $800 per month. The exact cost will depend on various factors, including the nature of your business and the level of coverage you need.
How Much Is Product Liability Insurance By State?
The cost of product liability insurance can also vary by state due to different regulations and risk factors. Below, we’ll explore the costs in some specific states.
How Much Does Product Liability Insurance Cost In CA?
In California, the average cost for product liability insurance ranges from $600 to $2,000 per year for small businesses. Larger companies may see premiums upwards of $5,000 annually.
How Much Is Product Liability Insurance in GA?
In Georgia, small businesses can expect to pay between $500 and $1,500 annually. Larger businesses might face premiums ranging from $2,500 to $7,000 per year.
How much Is a Sellers Liability Insurance In Texas?
In Texas, the cost for sellers liability insurance typically ranges from $550 to $1,800 per year for small businesses. Larger companies may pay between $3,000 and $8,000 annually.
How Much Is Product Liability Insurance in Florida?
In Florida, small businesses can expect to pay between $600 and $1,700 annually. Larger businesses might see premiums ranging from $2,800 to $7,500 per year.
BUSINESS INSURANCE WHERE YOU LIVE
Business insurance by state.
Keep your business safe with a Small Business Insurance Policy.
Business insurance policies protect you against lawsuits, employee injuries, cyber security attacks, and property damage. Click on your state to get a free quote today.