Product Liability Policy provides insurance protection to manufacturers, wholesalers, and retailers against claims arising from damages or injuries caused by their products. This policy covers the insured’s legal liability for compensation in respect of accidental death, bodily injury or disease, and damage to property caused by defects in the product. It also covers the cost of defending any legal action taken against the insured for such claims, including investigation and settlement costs. This policy is particularly important for businesses that produce or sell products, as they face the risk of being held liable for any harm caused by their products.