Originally Posted by gaelriad
Thanks for all the information, Curt. I have a question regarding product liability insurance. I'm thinking of starting an import business and was wondering if I needed liability insurance for products from overseas. I would not sell them as my own brand, but I assume since the manufacturer cannot be sued (as they are overseas) then I could be if something were to go wrong. Am I liable?
This situation is a bit more complex. You should purchase a General Liability policy that includes Products and Completed Operations. Most companies prefer not to insure Import/Exporters that bring in products from overseas because of the differences in laws between countries. You will be acting as the Manufacturer's Rep and i strongly believe coverage is absolutely necessary.
That is not to say there aren't companies available. There are a few companies I know off-hand that have offices in international countries for this very type of business. When dealing in international business, this is very important as each office will be familiar with local laws and therefore handling claims much more effeciently.
You wouldn't hire a divorce lawyer for a murder case. Don't buy insurance from a company that doesn't know your business. If you need some help, email me and I'll give you the names of these companies to help you on your venture. These companies will bring the lawsuit back to the manufacturer and subrogate against them if they are found liable