What is a Third-Party Administrator (TPA)?
Every year, millions of dollars worth in property damage, serious injuries and business disruptions are caused by products that are defective, unstable, faulty or misused due to incorrect labels and instructions. The United States Consumer Product Safety Commission has an updated and comprehensive list of injuries and deaths due to anything from televisions, furniture, appliances, children’s toys, pools and even fireworks. For any type of injury or fatality, the manufacturer, wholesaler, designer and even retailer can be held liable for all damages.
For extreme cases of product liability claims, a company could face losses from product recalls and lawsuits as well as bad publicity and loss of trust from the general public and stakeholders. So regardless of your business or industry, product liability is a very serious problem. This is why hiring a risk management analyst is important from the beginning.
By tapping an expert in commercial risk management in Arkansas, you can effectively operate your business and lessen the risks of product liability claims. Here are some important steps that can help prevent any claims on product liability.
- Ensure that all products comply with industry standards and government regulations.
- Provide easy-to-understand safety warning labels and step-by-step instructions that are accessible and visible to the users.
- Double check all product labels in order not to put your customers’ health and safety at risk.
- Make sure inspection of manufacturing equipment is frequent and up-to-date.
- Implement a reliable and effective tracking and inventory system so you can easily pinpoint which item and which batch was defective for faster mobilization and problem solving.
- Take note of customer feedback, complaints and reviews to identify areas of improvement and what to avoid in the future.
- Keep all records and documentation of every step of the supply chain process from ordering to sales.
- Make sure you have comprehensive insurance in case product liability damages and injuries occur.
When it comes to handling and settling product liability claims, Action Claims Administrator is the leading administrator in commercial risk management in Arkansas. Our team of professional claims adjusters will work closely with you to settle all claims in a quick and efficient manner to save valuable time and money. We have been able to gain the trust of many manufacturers, importers, product suppliers, distributors, and retailers across Arkansas and other states in the Southeast and Midwest United States.
Take action today and contact Action Claim Service at (888) 691-1095!
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