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Insurance firm Insurantz.com has issued a warning that many small businesses have not taken out appropriate insurance to cover against product liability claims and business losses.
The firm found that many small business owners thought that their home insurance would provide adequate cover for damage to their office, but this is not necessarily true in all cases.
More worryingly, many were unaware that a claim for compensation resulting from personal injury related to their business could be possible. The company's managing director suggested that sellers on eBay, as an example, could find themselves liable in a faulty product injury claim, saying, "There's confusion surrounding the responsibility that business owners have to deliver goods that are both fit for purpose and of satisfactory quality.
"Ultimately the buck could stop with the seller, so businesses trading on eBay need protection to prevent financial penalties and even legal action if the goods they are selling turn out to be faulty, or worse, dangerous."
Small business owners concerned about potential product liability claims are advised to speak to an insurance broker.
