Another reason to consider this coverage is it can make you more "saleable" to both new and existing customers. If a hospital knows you have Products-Complete Liability coverage, then they know there's an insurance company behind you.

If you plan to hire a company to do technical or engineering work for you, such as an installation or deinstallation, ask to see their Products/Completed Operations Certificate of Insurance before using them. Also be sure to have them name you as an Additional Insured under that policy. That way if a claim is made against you because of work they did, their insurance company will defend you, and your insurance company can be kept out of the loop.


Product Liability Insurance

Product liability insurance isn't just for OEMs. While Products/ Complete Operations Liability will cover most of the work you or your engineers perform on equipment, if you say you remanufacture equipment, the OEM may be off the hook and you may be on it. You should definitely talk to your insurance agent about this coverage.

Employment Practices Liability Insurance - EPLI

As we have noticed, today anybody can sue anybody for anything. One area that has become an expanding minefield is called Employment Practices Liability. Typical law suits here can arise from alleged transgressions in the workplace by employers, and you can be sued for sexual harassment, abusive behavior, unjustified termination because of age, race, religion, etc.

As with other liability coverage, the benefit here is not just the insurance coverage. EPLI law suits can be extremely subjective, and the possibility of a disgruntled employee filing what ends up to be a false, yet nevertheless very expensive lawsuit, makes EPLI worth considering. EPLI is also not just for big companies; if you have 10-15 or more employees, you should at least ask for a quote for this coverage.

"Will that be Occurrence or Claims-made?"

Occurrence and claims-made policies are the two basic "flavors" liability insurance come in - by comparison, property insurance is simple and straightforward. Here's a simple way to understand how they differ: claims-made insurance is like term life insurance. You have coverage as long as you pay your annual premium; if you stop paying, you no longer have coverage, and the policy has no value - the policy is finite. Occurrence liability coverage never ends. Even after you stop paying your premium, your policy provides coverage indefinitely for any acts that occurred when the policy was in force, even is the claim is made years in the future. Most experts agree that an occurrence policy, because coverage never ends, is superior to a finite claims-made policy.

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