Liability & Professional Risks
Product Liability
Product liability concerns the consequences that can arise when a product you manufacture, import or supply causes harm to others.
What is it?
This is cover concerning a business's liability when a product it has manufactured, imported or placed on the market causes injury or property damage to a third party. It concerns every stage of the supply chain, from manufacturer to distributor. The exact content of each solution differs by sector and insurer, and is always confirmed case by case.
Who is it for?
It is relevant to manufacturers, importers and distributors of products, retail businesses that sell products made by third parties, and businesses producing food, cosmetics or equipment for end users.
Legal position
Is it compulsory in Cyprus?
Not generally compulsory
Product liability cover is generally not compulsory by law in Cyprus. Legal, regulatory or contractual requirements may apply depending on the activity, sector or markets of distribution. Vesta can help clarify what applies to your circumstances.
General information only. Requirements can change and depend on your activity — Vesta can help clarify what applies to your circumstances.
When might you need it?
You launch a new product on the market or change the composition of an existing one.
You begin importing products from a new supplier or country.
You expand your distribution channels into new markets or customers.
A partner or customer requests evidence of product liability cover before working with you.
These are illustrative circumstances, not a description of policy terms, conditions or exclusions.
Why review this cover?
A product defect can affect a large number of third parties and lead to claims extending beyond the original market of sale. A periodic review helps establish whether the cover matches the product range, the markets of distribution and the supply chain you use.
The Vesta approach
Understand first, then solutions.
Before discussing solutions we want to understand what you manufacture, import or supply, which markets you operate in and what your supply chain looks like. We then look at the obligations that may apply and the points worth reviewing, so your decision is based on a genuine understanding of your circumstances.
Next step
Let's look at your circumstances.
Tell us how things work in practice and we will explain what is worth reviewing before any solution is discussed.
Prefer to speak with us?
If you would rather talk it through, tell us a little about your business and we will come back to you.
Related insurance areas
All business insurance