Product liability - Smaller firms trading overseas face more claims

Dangers of money losses caused by product liability legal claims overseas have been highlighted in a new report.

Smaller companies face losses more often compared to larger firms - as much as 50 per cent more. In addition, they are similarly hit by theft of goods in transit and intellectual property thefts and piracy.

In 2008's Chubb multinational risk survey, employees of smaller companies also suffered more injuries and criminal losses - they were 35 per cent more likely to experience such problems.

The report highlights how successful claims can be made against companies that are liable for their products. The report seems to suggest that smaller companies are not sufficiently prepared to fend off and manage the risk of potential claims and losses as much as large companies.

Kathleen Ellis, a vice president and manager at the Multinational Risk Group for Chubb Commercial Insurance, said, "Larger companies often have the resources needed to take the global patchwork of different laws and languages, currencies and styles of conducting business, and then create corporate risk management standards throughout the world."

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