Manufacturers and importers selling products in the European Union are ultimately responsible for product safety and compliance. However, product safety issues can be caused by unforeseen manufacturing defects or supply chain-related issues.
In short, importers and manufacturers cannot completely eliminate the risk of safety and compliance issues, which could result in personal injury or property damage.
Should the worst happen, product liability insurance can cover some of the costs involved. In this guide, we list some of the EU’s leading product liability insurance providers, located in Germany, the Netherlands, Italy, Denmark, Belgium, and other countries in the EU.
Is product liability insurance required in the European Union?
Product liability insurance is generally voluntary. However, many retailers require that their suppliers, including European brands and importers, have product liability insurance coverage. Further, Amazon also requires sellers that reach a certain sales threshold to obtain product liability insurance.
Types of insurance providers in the European Union
Product Liability Insurance Companies
An insurance company sells insurance policies directly to the buyers. Some insurance companies also partner with brokers or agencies to sell their products. Insurance brokers or agencies market the policies issued by insurance companies. They may also offer additional services such as price comparison, consulting, or representation during a claim.
Not every insurance company offers product liability insurance. The types and coverage of product liability insurance are also different, depending on the terms specified in each policy.
Product Liability Insurance Brokers
An insurance broker is a company that represents the insurance companies to sell their insurance products. A broker helps buyers find suitable insurance products according to their needs and charges clients a commission or handling fee afterwards.
Continue reading List of Product Liability Insurance Companies in the European Union
