Quote for product liability?
Hi! My name is Karys Hoekstra and I am a 17 year old student at Murrieta Valley High school. I am involved in virtual enterprise which is an international business simulation program. We operate like a real company the only thing that makes us different is the money and products are fake. Our business is called SoleMates, we are a distributor for interchangeable high heels as a solution to every girls’ shoe problem. Women can wear our shoes as high heels and in a matter of seconds change out the heel for a different and more comfortable height. My question is about product liability for a company like ours. Our shoes are manufactured in Malaysia and sent to us where we distribute them to our customers. In the event that a customer were to claim an injury from our shoes, the blame could fall on us and our manufacture.What policy would the most affordable and one that covers everything? What would be the estimated cost?
If you make something under your brand, you need product liability insurance. A commercial insurance company should be able to help you with this quote for your project, plus it’s a good idea to have a commercial liability attorney make sure you have the needed coverage based on overall sales. I’d call a local college and see if their law program can give you some advice since this is an assignment, not a real company. And a commercial insurance agent would probably be willing to give you some ballpark figures for your data. Good luck!