Cosmetic Product Liability Insurance

In order to gain an understanding of what cosmetic product liability insurance is, it is important to understand product liability insurance in its own right. Product liability insurance in short is the insurance cover you have in place that will cover the cost of any claims because of a faulty product. This could be something as simple as a faulty tyre causing a customer’s car to run into a wall.  The insured’s product liability policy will cover the cost of repairs to the vehicle. Product liability insurance can also cover the cost of any product recall you have to do.

What is cosmetic product liability insurance?

Cosmetic product liability insurance to put it simply is a much more tailored and bespoke version of product liability insurance. Cosmetic product liability insurance is a unique product designed by a select few insurers to cover the risks relating to cosmetics. Cosmetics manufactures insurance is a broad field, so a generic product liability policy does not provide the cover needed. It can often leave some risks uncovered. Cosmetics are often some of the most personal products purchased by individuals and therefore carry a risk of bodily injury. Bodily injury is one of the biggest risks that are carried by cosmetic products, simply because people react differently to different things. For example, a cream may work perfectly for somebody but can irritate the skin of another.

Why use a tailored policy?

As an insurance broker one of the question’s we commonly get asked is why an off the shelf policy is not appropriate. Put simply they will offer protection against some risks but not all. Off the shelf insurance doesn’t take into account your specific businesses activities at their core, whereas tailored insurance is all about producing something that is both cost effective and takes into consideration your businesses fundamentals. This can vary from product liability to full cosmetic manufacturers insurance.

Why do you need a broker?

Insurance for cosmetic products can be a tricky landscape to navigate. It can be a complex process to get your head around with different insurers using different terms and often asking different questions. As a broker we are responsible for doing all this leg work for you. It is our responsibility to find you the best solution available. Combined with our expert knowledge of the market and access to the best specialist insurers and underwriters in the market, we are able to secure the best outcome for our clients.

The types of businesses we can work with:

As a broker we have the ability and flexibility to work with anybody from an independent start up to a multinational who needs cosmetic manufacturers Insurance. Insurance for cosmetic products is a landscape that is growing and shifting as more businesses are producing goods to fit the ever-growing need for people to look and feel good. As a result we have to be flexible and unlimited in the businesses we can work with.

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