Product Liability Insurance
The comprehensive product protection of your business
Protect your business against third-party claims with a reliable product liability insurance in Cyprus. Trust Insurance offers product liability insurance plans with geographical extension, designed specifically for businesses in industries facing risks associated with their products.
Protecting the health and safety of consumers from defective products is a priority concern for all companies. It is essential that businesses and organizations involved in the production and distribution of products are similarly protected. Enjoy full coverage, guaranteed by Trust.
Why TRUST Product Liability Insurance
Who Is This Insurance For?
Aimed at Businesses and Organisations involved in the production and / or distribution of products.
Coverage Of Product Liability
It covers the insured's legal liability for payment of compensation to third parties in relation to:
- accidental bodily injury or death from accident or disease
- accidental loss or damage to their property caused by and related to the production and / or placing on the market for consumption or use of defective products in the course of its commercial activity.
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Product Liability FAQ
What’s included in the insurance?
This is a flexible insurance plan for the Insured's liability from negligent acts or omissions in relation to the supply of products. It also covers the legal costs and expenses that the claimant is entitled to recover from you as well as the legal costs and expenses incurred with the written consent of the Company in connection with the defense, investigation or settlement of the claim.
Are there any cover limitations in the coverage?
Coverage is only valid in relation to court decisions issued by a competent court of the Republic of Cyprus.
The Deductible Amount which is the amount or percentage that is not covered and/or deducted from the amount for each claim separately. A full reference to the limitations on coverage can be found in the Policy.
Am I covered only in Cyprus?
In the Republic of Cyprus, unless otherwise specified in your Insurance Policy.
What is the definition of product liability insurance and how does it work?
Product liability insurance helps protect businesses from claims made against them regarding personal injuries or property damage caused by their products. You can get public liability coverage as a standalone policy, or as part of your Multi Insurance Liability Shield offered by Trust Insurance Cyprus.
Is product liability insurance compulsory in Cyprus?
Product Liability cover is not compulsory in Cyprus like the Employer Liability Insurance. However, it is essential for businesses that sell products as there is always a chance for a customer to receive a defective product that can harm them or their property. No matter if your business was or not at fault, Product Liability Insurance will cover you against fees and compensation.
Does product liability insurance cover software?
No, Product Liability Insurance does not cover issues caused by apps, software, or IT products. It only covers lawsuits for physical harm or property harm caused by a product.
Does product liability insurance cover product recalls?
Product liability insurance helps cover the cost of a lawsuit raised by a client who got injured by a defective product your business produced or sold. However, it cannot cover the cost to recall defective products from the market. Discuss with Trust’s insurance agents about policies that can cover additional costs for faulty products.