Product Guarantee Insurance provides coverage for businesses that offer warranties or guarantees on their products. This insurance helps cover the cost of honoring those warranties, including the repair, replacement, or refund for products that fail to perform as promised.
Your business should consider Product Guarantee Insurance to protect against the financial impact of defective products. It ensures that warranty claims don’t become a burden on your finances, allowing you to fulfill your obligations to customers without risking your profitability or cash flow.
The extent of coverage can include the costs to repair, replace, or refund products under warranty. It may also cover related expenses such as shipping costs, parts, and labor, and in some cases, can extend to cover any legal liabilities or damages awarded due to the failure of the product.
When a warranty claim is made, the insured business would notify the insurer as per the claims process outlined in their policy. The insurer then assesses the claim to determine if it falls within the policy’s coverage. Approved claims are paid out to cover the costs associated with the warranty services for the defective product.
UniTrust facilitates the Product Guarantee Insurance process by working with you to understand your warranty offerings and identify the risks involved. We then help you find the right insurance solution that covers those risks, assist in setting up the policy, and guide you through the claims process if and when necessary. UniTrust aims to make the insurance process as smooth and straightforward as possible, ensuring your business is protected and your customers are satisfied.