Definition: The word "insurance for products liability" is a general term that refers to the insurance coverage provided by insurers to their customers in case of product defects, malfunctions or accidents involving products purchased from them. In this context, "products liability insurance" refers to the type of insurance policy that covers losses resulting from defective products. This insurance typically includes provisions for damages such as lost profits, repair expenses, and ongoing costs of repairs caused by the defect, among others. The term "insurance for products liability" is also used in broader contexts, such as in legal definitions or in industry-specific jargon. For example, in professional law, "products liability insurance" may refer to a type of policy that provides protection for clients who are injured while using or disposing of defective products. In summary, the term "insurance for products liability" refers to an insurance policy that covers losses resulting from defects in products purchased by consumers. The insurance typically includes provisions for damages such as lost profits and ongoing costs of repairs caused by product defects.
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