Product liability insurance is essential for any business involved in the manufacturing, distribution, or sale of products. This type of insurance protects your business from claims of injury or damage caused by your products. It is important because regardless of the safety measures you take, there is always a potential risk of defects or unforeseen issues that can lead to lawsuits. For example, if a product malfunctions and causes harm, or if inadequate instructions lead to misuse, your business could be held liable. Having product liability insurance helps cover legal fees, settlements, and any medical costs that may arise from such claims, thereby saving your business from significant financial losses. Furthermore, many retailers and partners may require proof of such insurance before agreeing to work with you, making it not only a protective measure but also a potential business necessity.