| Product Liability Suits and How You Can Prevent Them |
| Think you don’t need to worry about product liability? If your business manufactures, sells or even distributes products, you do, because the awards for liability suits can be high, making consumers more and more litigious. But you can head off the damage with product liability insurance.
Product claims can vary, but they generally involve one of three complaints: a design defect, which means your product design is unsafe; a manufacturing flaw, meaning your production process resulted in a defect that made the product unsafe; or a defective warning or instruction, meaning your labels provided insufficient information regarding the risks related to your product. If you were involved in placing the product in the consumer’s possession, you can be held legally liable for its failure. That’s where product liability insurance comes in. Product liability insurance is a business policy that protects your company against claims for loss or injury due to defects in the products you manufacture or sell or the failure to provide proper warning about your products. It generally covers legal fees, medical costs and awarded damages. The product liability insurance coverage a business needs depends on many factors, such as your industry, the products you design, produce or distribute and your location. To ensure your coverage is appropriate, you should provide accurate and detailed information to your insurance provider. Don’t underreport! While getting product liability insurance may seem cumbersome, it’s important to plan ahead for possible problems. Give us a call today to see how we can support you on your journey! |
| An Introduction to the Art of Failing Forward |
| The crushing feeling of failure is something most of us will go through at some point in our lives.
It happens, and it’s an unavoidable part of life, but accepting that reality does not mean we have to be held back by our failures. The age-old concept of learning from our mistakes is critical to future success and can be best described as the art of “failing forward,” turning what could have been deemed as a negative situation into an opportunity to make change and enact positivity. Rather than attempting to move on by simply pretending your failure didn’t happen, it’s far better to embrace it in your quest to move forward. Ignoring it means you are not addressing the reasons behind the mistakes you made and leaves you open to repeating them in the future. While it may be painful to revisit them, being able to deconstruct them will ensure you’re better prepared when a similar situation rears its head in the future. Facilitating a mindset of growth in which failing is okay can help create belief and confidence to attack difficult situations in the future. Accepting and even encouraging failure as part of your process will help you expand your mind to be able to tackle greater problems with inventiveness as you move forward. An Olympic gymnast can only perfect their somersaults by trying and failing until they’ve learned how to successfully navigate each move! Lastly, allowing room for failure gives you the freedom to experiment and get creative. Ideas and concepts you try might not always yield success, but allowing that space to try new things without pressure will help you land on new solutions that you might not have considered previously. |
