Liability Insurance or Not ?

[Mort-lemur]

Hi,

 

I run an UK Based OSC store selling general livestock and poultry equipment.

 

We also supply hazardous materials such as Rat Poison and Alcohol based hand cleaner.

 

Im pondering whether or not I need liability insurance on the chance that somebody might miss use one of the products we supply.

 

I have tried to cover ourselves with adding a radio check box that states that for hazardous materials the purchaser has read and downloaded the Hazard Data Sheet associated with that product and understands the risks with its use.

 

I'm just wondering if I need to go the whole hogg and get liability insurance as well.

 

Comments appreciated.

 

Thanks

[MrPhil]

Never underestimate the stupidity of people. If the British haven't caught the American Disease yet (you sue everyone in sight when you screw up), they probably soon will. Forcing customers to acknowledge reading the HDS would help in court, but product liability lawyers (solicitors) will still try to find a way to turn a jury into a lynch mob.

 

Anyway, your first stop would be a solicitor to get an idea of your exposure to a lawsuit, and then your insurance broker to see what coverage would cost. If you can show that you take reasonable precautions to alert customers to hazards, it might not cost too much. Alternately, you might be able to find a business structure to shield your personal property from suits, and leave plaintiffs little in the way of business assets to seize. That could be tricky to do right, but might make you an unattractive target for a greedy solicitor (and if they go ahead, you don't lose much).

 

Of course, the best recourse would be to follow the Bard's advice and "first, kill all the lawyers"!

[♥mdtaylorlrim]

And be sure that you have the proper Terms and Conditions should a product you sell require a minimum age to purchase.