Pet Product Liability Insurance In Canada
Pet product liability insurance in Canada is your company’s way of protecting yourself against the unknown. Whether you manufacture your own products or you contract out overseas, it’s important to the longevity of your company that you have comprehensive insurance. If you’d like to talk to an experience insurance broker about pet product liability insurance in Canada contact ALIGNED Insurance at tel:18662870448 today.
Why Do Pet Product Manufacturers Need Insurance?
The Pet Food Association of Canada has many members who are committed to manufacturing wholesome and nutritious foods. These members are companies like Blue Buffalo that create specific niches in order to find their market. At Blue Buffalo, the story of a lovable dog struggling with cancer created their passion for offering the best ingredients and pet care. When it comes to pet food, it’s important to foster customer confidence in manufactured foods because whole foods are becoming more popular. The dog food industry must rely on product safety in order to avoid fostering the trend of frozen meat for a dog’s primary food source.
Of course it’s not just foods that are under scrutiny. Pet medications, toys and comfort products also need pet product liability insurance. Whether your products are manufactured in Canada or overseas, your company may be liable for any defects or failed product warnings. As your company scales-up, you are more likely to run into product liability concerns just based on volume increase. The risk is that with just one product recall, consumer confidence disappears.
Pet owners, like parents, are less likely to purchase products from your company if you’re in the midst of a recall. With this type of potential decrease in sales, it’s important that your insurance company is helping cover other costs. If a customer files a lawsuit, your insurance company will help pay for legal costs associated with the claim. Your insurance company can help keep your business going through these types of hard times.
What Is Product Liability Insurance?
Product liability insurance in Canada is how your insurance company provides coverage if harm comes to a customer because of a defective or malfunctioning product. In the pet products industry this might mean that a pet medication is defective. As you can image, the scope of a lawsuit that comes from a claim like this could become very costly. While your company may have extensive safety regulations, a problem like this could still happen. It’s up to your insurance company to help you in the event that your safety regulations have failed.
Pet product liability insurance in Canada also extends to incorrect or incomplete product warnings. If a product warning label is under scrutiny, this is another case where your insurance company can help you with legal costs. For example, if a pet medication warning label has a misprint, a customer may file a lawsuit. This is another situation where your company could have highly effective safety precautions, but could still have this problem. As much as you can work for prevention, you’ll always need insurance just in case.
Customize Your Insurance
The scope of your pet product liability insurance in Canada may differ based on your business. Your company’s responsibility during a liability claim is different based on your involvement in the manufacture of your pet products. Your insurance company should have a proper understanding of your business in order to provide adequate coverage. We know that factory standards vary from country to country, and therefore so does the likelihood that a product may have a defect or label misprint. Your company should be able to rely on your insurance to help cover unexpected costs from product liability claims. The success of your business is dependent on an uninterrupted revenue stream. If you can count of your insurance company to pay for product liability claims, you can avoid disruptions in the growth of your business.
In order to be certain that your insurance company is providing proper coverage, we can search through the top 65+ insurance companies in Canada to help you find the right pet product liability insurance in Canada. We help Canadian companies by ensuring that you are covered for all of the risks that face your business.