Insurance Facts For Exporters

For UK companies who export their products across the globe, making sure they have the protection they need in the form of business insurance is vital. Can you imagine how Toyota might have dealt with their recent product re-call had they not had suitable insurance advice and cover?

The consequences really can be catostrophic for a business should they not get the right help when it comes to buying their business and liability insurance.

So if getting the right advice and cover is so crucial, what can UK businesses looking for export insurance and liability and products liability insurance actually do to ensure they get the protection and peace of mind they need?

Mark Burdett, Associate Director, of Northern Counties had this to say about exporters and their quest to buy insurance, "The truth is, any company who exports goods or products really needs expert advice. I fully understand why a company might want to use a local broker or insurance company with a high profile name but unfortunately there is no guarantee that either of these will be the best fit for their unique insurance needs. At Northern Counties, we've secured facilites with insurers who specialise in covering export risks so we know the questions to ask to ensure our clients get exactly the cover they need."

Mark goes on to explain just 4 factors that could affect the probability of a successful claim being made against a company for a defective product:

Acceptable Risk

Due to their intended usage some products cannot be made completely safe but companies should look for any risk to be minimised. This can be done in part by using effective warning labels and providing instruction manuals.

Injury Severity

As the degree of severity increases so does the likelihood of a claim being made.

Number/Frequency of Injuries

The number of claims you have made, what actions you have taken to prevent such claims in the future, your complaint handling and record keeping are all likely to be taken into account when assessing liability.

Experience of Users

Liability may be reduced when the user can reasonably be expected to have a greater understanding of the hazards associated with the product as opposed to a member of the general public.

If you export products or are considering exports, speak to an insurance expert and make sure you get the protection you need.