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    What is Product Liability Insurance?

    The public easily understands the concept of product liability because defective products have been regularly making the headlines. The most common scandals are food-related, from the issue of salmonella to tainted baby formula. Other risks that are highly commented upon are fires caused by defective batteries. In this context, most companies selling products are aware of the risks and the necessity to cover them.

    It is your legal obligation that your product be safe for your consumer. If you are exporting your product to the USA or Europe, it is most likely that your client will require an insurance policy to protect against any claims there. Even if you have no obligation, and the risks are not obvious, it is wise to insure your product. Despite all precautions, there are chances that things may go wrong, especially if your product is sold to the general public. Moreover, even if the court considers your product as free from causing any harm, you would have had to spend time and money in order to protect the interests of your company.

      What does product liability cover?

      Product liability insurance protects against claims of personal injury or property damage caused by products sold, supplied or repaired by your business, and occurring outside of your premises. (If the damage is caused within the premises, then it is covered by the public liability insurance.) It typically protects manufacturers, distributors and retailers. Product liability insurance covers legal fees as well as compensation that may be result.

      What our customers say
      Orix Insurance has greatly impressed us with its ability to deliver solutions that please both employer and employee. Starting with developing our employee benefits solutions, they have been gone on to provide better service than a big broker. Throughout our working relationship, Margaret and her team have been extremely proactive in servicing our enquiries. Our claims were processed timely and accurately, and they looked after our staff very well. Orix has been in the business for a long time and has a good regional network to support our business. I strongly recommend Orix Insurance and wish them all the best.- Ms. Lim Ban Ling - CFO, Antalis Asia Pacific Pte. Ltd.
      Orix Insurance, as a corporate agency, was able to provide us with the full suite of services offered by a big broker but without the high price tag. They first managed my employee benefits and their team was extremely efficient in helping us manage our claims. Over the years, with their knowledge and expertise, they were able to help us mitigate our business risk. Orix is now our in-house agency for everything we need for our business insurance. I’m very grateful to have a good partner like Orix Insurance, to help protect our business.- James Lee Managing Director - Asiasoft Solutions Pte. Ltd.
      I would recommend Orix Insurance as they have a good knowledge of the market and also act with a great deal of professionalism. Not only were they willing to assist us in handling a very last-minute request which local insurers were not able to take up, but they also went out of their way to secure the insurance for us outside of Singapore, which goes to show their global-level knowledge of insurance. I like that Orix Insurance is able to put itself into the shoes of its customers and think like part of their company, trying to secure the best terms and price for them. The level of service and engagement provided is beyond what I have received from other insurance companies.- Larissa Tan CEO - Vanda Electrics
      Two years ago, we had over 20 outlets in Singapore and our policies were all over the place. When we met Margaret, she patiently listened to our needs and concerns and created a system to organize our accounts. And simply by doing so, she was able to get us better rates and benefits. Margaret is constantly putting her client’s interest first and looking out for savings for us even though it means a lower commission for her. I would definitely recommend Orix Insurance to other SMEs.- Elson Lee Director-Refresh Group

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