Even in the best of circumstances, the wholesale industry can face a number of issues related to product quality and supply problems. In order to mitigate product liability for wholesalers, you may need to take preventative measures, learn the relevant law and secure proper insurance coverage. These tips can help wholesalers mitigate liability problems.
Wholesalers Need To Be Proactive in Preventing Product Liability Claims
The best way to prevent product liability claims is to be proactive with both product quality and company insurance. In order to avoid lawsuits, your company should:
- Secure adequate insurance coverage
- Design products with safety in mind
- Keep thorough, detailed manufacturing records
- Ensure quality and high standards in all suppliers
International Wholesalers May Need To Be Especially Careful About Liability Laws
If your company does international business, you may need to take extra precautions to abide by all international laws. Foreign wholesalers or wholesalers who work with international suppliers should make sure to triple-check:
- Foreign corporate liability laws
- Logistical and transport liability issues
- International insurance requirements
- International suppliers’ proof of insurance
Reducing the risk of product liability for wholesalers involves taking proactive measures, having a good understanding of the law and taking additional care when it comes to international supply. By following these tips, you can help reduce the chance of getting hit with a product liability claim.