Ignore Product Liability Risks At Your Own Risk

by GuestPoster on May 4, 2010

If you have been in retail for any time, you are aware that product liability claims and product recalls can have a huge impact on your bottom line.  As a retailer, you may think that your exposure to product liability claims is minimal- any claims should be brought against the manufacturer, right.  Not necessarily.  This article reviews some of the steps you should take to ensure that your business insurance protects you from product related law suits, no matter the size.

If you are in the business of selling the products of others, it is imperative (and usually an insurance requirement) that you request to be named as “additional insured” on the Products Liability policy of the manufacturer, supplier, importer or distributor. Do not be shy about requesting this additional coverage from your supplier.  Any reputable supplier has a blanket additional insured endorsement on their Products Liability policy that will offer your business protection, but you have to ask for it to get it.  Furthermore, don’t just take their work for it; request a certificate of insurance documenting your coverage and keep it on file.  Request an updated certificate each year.

If your supplier refuses to name you as Additional insured on their Product Liability insurance, this is a warning sign that you should not ignore.  Chances are that the company you are dealing with doesn’t have the coverage in place.  Product Liability insurance policies for manufacturers are quite expensive – they may have let the coverage lapse.  If you are not able to get the additional insured coverage from a particular supplier, find another.

If you import products from overseas, don’t think that the manufacturer’s Foreign Product Liability policy, if they have one, will cover claims under US jurisdiction.  Most do not.  If your supplies are coming from overseas, discuss product liability with them.  Request additional insured status and confirm that the policy territory includes the US and its territories.  Even after taking all appropriate measures with foreign suppliers, you may still be left defending yourself against a claim.  Speak with your own General Liability insurance company or agent to find ways to cover any potential gaps that you may have.

The insurance industry, in general, has low confidence in Chinese products.  Often coverage for Chinese supplies, parts, or products are excluded from domestic Product Liability insurance policies.  If you are using such products or materials, your insurance company probably requested that you disclose that information on an insurance application.  Though the cost of a separate policy covering Product Liability and Product Recall for these products may make you faint, it pales in comparison to the price of going uninsured.

The retail business is complicated and ever changing.  One thing is certain: products liability (especially for foreign products) will only get more complicated.  With the right commercial insurance policies in place, products lawsuits can be one less thing you have to worry about.

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Business Name: Early-Stage Brainstorming

by GuestPoster on April 30, 2010

If you’re thinking about starting a new business, no one needs to tell you just how critical the decision of choosing a good business name will be, in the very early stages of your enterprise. Brainstorming for likely candidates for names can be fun but it’s no business game or theoretical exercise: you only get one chance to pick your name in all likelihood, and once you do you are tying all the effort and money which will pour into the business, so its brand had better be absolutely outstanding.

No doubt you will be mining your friends’ brains, especially any who have a marketing or advertising background, for suggestions. Free random name generators are great for basic ideas too. Shoot for a few dozen decent brand name candidates initially and remember that sometimes eccentric and playful names are winners just because they stand out. A big part of the name being “catchy” is the surprise factor that it has when a person hears it for the first time. After all, your target here is everyone who will be hearing your business name for the first time. Beyond being descriptive, it’s “stickiness” will depend on something about it that is unusual. The function of the name is to grab potential customers’ attention; it will be up to you to close the sales later.

Look at business names with no clear literal meaning (at least to English speakers) that have become world-renowned brands worth billions of dollars: Google, Adidas, Bic, Playtex, Nike, etc. It is okay to use words from another language, or that are completely made up, for your new brand. Sometimes words have value as names simply because they are nonspecific and ambiguous, playful or downright funny: Yahoo!

With an initial list in hand you can begin to filter excellent names from the merely good. Run five or six of your shortlisted names by the same friends that helped you brainstorm in the early stages is a good idea. Another suggestion is to make sure that any name you are considering is available as a domain name, preferably a dot-com URL. Obviously as we move forward, being found on the Internet and being found at all will come to mean very similar things, and having the domain name that matches your business name is now virtually a requirement. Picking a business name doesn’t need to be fretted over for months and months. In the end your idea, approach and energy will be the measure of the success of your business. However don’t miss an opportunity to get some extra momentum for your new enterprise by picking a truly memorable name.

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Commercial Insurance – Why Even A Fledgling Business Needs It

April 24, 2010

There are many reasons why a fledgling business needs the three basic types of commercial insurance, but in reality all the reasons boil down to just one thing, business owner’s insurance, as it is also called, can save your bacon if disaster strikes from any direction.
This article will go over these three basic business insurance [...]

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Selling Pet-Themed Jewelry

April 11, 2010

If you purchase jewelry to resell, you’re leaving money on the table if you’re not marketing your business to people who love animals. If you have a specialty already, you may not be looking to expand your business. But jewelry that features specific cat and dog breeds, as well as other animals like horses, birds [...]

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Make Your Booth Stand Out With Glass Shelves

April 9, 2010

If you are going to a trade show with the purpose of showing off your companies wares, your boss is probably depending on you to do a good job. This could even be your chance for a promotion. What can you do to stop those thousands of people from strolling by your display booth without [...]

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Toy Trade Shows – A Big Business

April 6, 2010

Toy trade shows are popular all around the world and are definitely a big business in their own right.  These shows involve multi-million dollar companies selling a wide range or products and services. Organizers help give demonstrators the chance to show their inventions and wares publicly to a worldwide audience at these trade shows.
The trade [...]

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Using A Balanced Scorecard For Your Business To Increase Productivity

March 25, 2010

What is a balanced scorecard as it pertains to your business?  Do you know?
Starting your own business can get really tough. It’s hard enough even if you prepare well for it, but it can really get doubly harder if you have no idea what to do. You have to pay attention to every little detail, [...]

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Creating Mulitple Profit Centers In Your Facility To Maximize Your Physical Therapy Marketing

February 20, 2010

All kinds of business need to have proper marketing in order for them to make more profit, and the field of physical therapy is by no means an exception. No matter how good you are in physical therapy, if you have no patients to begin with, then your skill will be a waste. Therefore, it [...]

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Increase Sales With A Cool Product Image On Your Promotional Tools

February 11, 2010

Need to up the ante with your image and increase sales? Stock photos provide easy access to limitless choices for cool images that can really boost your product image in a way that gets you noticed and gets your product sold. It’s like having access to the world’s best photographers at your fingertips. Consider these [...]

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Retailers Shorten The Learning Curve With Employee Training Software

February 6, 2010

Businesses of all sizes can benefit from employee training software. Employee training software helps to cut the costs of training employees. Employee training software can also be used to help keep employees up to date with the newest information. Small businesses often invest in employee training software; especially, when they have a high turnover rate [...]

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