Products & Completed Operations
What is Products & Completed Operations insurance coverage?
Products and Completed Operations (P&CO) insurance coverage is a type of liability insurance that provides protection for businesses against claims of injury or damage caused by their products or services. This coverage applies to claims that arise from completed work or products that have been sold or distributed by a business.
P&CO insurance coverage typically includes the following types of protection:
- Product liability coverage: This type of coverage protects businesses from claims of injury or property damage caused by their products. It covers claims arising from defects in design, manufacturing, labeling, or instructions for use.
- Completed operations coverage: This type of coverage protects businesses from claims arising from completed work, such as installation or repair services. It covers claims arising from work that was not done correctly or was incomplete, causing injury or property damage.
- Contractual liability coverage: This type of coverage protects businesses from claims arising from liability assumed under a contract or agreement. It covers claims arising from promises made in contracts or agreements, such as warranties or guarantees.
Products and Completed Operations insurance coverage is important for businesses that manufacture or sell products, or provide services to customers, as it provides protection against potential lawsuits and claims for damages that can arise from these activities. Without this coverage, a business could be held liable for significant financial losses, including legal fees, court costs, and damages awarded to the claimant.