Indeed you have created a great product. However, what if that product causes injury to the customer or results in damaging the customer’s property? It can happen – and it has happened with many companies. For example, a few years ago, instances of smartphones of a particular brand catching fire were quite prevalent. That brand got sued by many. Imagine something happening with you as well? Because while as great as your product is, you can never be sure if things can’t go wrong. This is where – and for what – you need product liability insurance. Product liability insurance provides coverage against legal liabilities that result from your product causing accidental physical injury to a third party and/or accidental damage to the property of the third party. In case if anyone sues you for your products for the said reason, the insurance will pay for the legal charges you would incur in defending yourself at the court. The insurance will also pay for the medical costs of the third-party