Every year there are more vehicles on the roadways. Now, just take a second to consider that each of those vehicles has at least thousands of individual parts in its make-up.
Further consider that each of those individual parts has numerous manufacturers, distributors, installers, wholesalers, or retailers. That’s a lot of parts that can fail. And by that token, that is a lot of exposure to lawsuits should a part fail. These lawsuits could be extremely costly in more ways than just monetarily. Auto parts manufacturers, retailers, distributors, or installers need Auto Parts Product Liability Insurance, which helps them to protect themselves from those types of losses.
Auto Parts Product Liability Insurance protects businesses, corporations, or their executives from losses incurred due to the failure of a part that they manufactured. These losses could be for property damage, bodily injury, personal injury, etc.
Not only could the manufacturer be held liable but so could the distributor, wholesaler, retailer, or installer. Liability could be shared among all of these parties or just one of them could be hit for a lawsuit. No matter what, the losses could be devastating.
A automobile is at least a 1500 pound monster hurling down the road possibly at speeds in excess of 75 miles per hour. A small part could break causing injury to the driver in the cabin. A minimal loss like this could still amount in extremely expensive losses. Then as a worst case scenario, a major part could fail causing the same vehicle to lose control and result in an astronomical amount of property damage and or bodily injury. The damages to any business, corporation, or executive could potentially be nothing short of devastating.
Not to mention damage to the reputation of any and all of the above. This is a scary thought.
Most people have heard of the saying that a chain is only as strong as its weakest link. A vehicle is very similar. A singular vehicle is made up of tens of thousands of individual parts. If only one part fails, the whole vehicle could potentially fail. This is where advertising liability kicks in. The vehicle manufacturer could end up bringing a lawsuit against the parts manufacturer because the failing part makes the vehicle look bad and gives it an unfavorable reputation. Again, Auto Parts Product Liability Insurance would help to protect the parts manufacturer against those losses.
As with any insurance product, the best way to shop for Auto Parts Product Liability Insurance is to
contact the local agent who is familiar with the Auto Parts Product Liability product. The time to protect against any sort of loss is now, not after a loss occurs and it’s too late.