If you invent something you do not need product liability. I would, however, suggest you get some, but no you are not required by law to get it. It is up to you.
It is not mandatory for inventors or owners of a product to carry product liability insurance. Most insurance agencies will say that it is wise for them to obtain product liability insurance in order to protect them from potential risks.
form_title=Purchase General Liability Insurance form_header=Protect yourself and your business from accidents with general liability insurance. Describe the business and/or property needing insurance:=_ Have you had this product in the past?= () Yes () No How soon do you need this product?=_
A liability can mean something that is a hindrance or puts an individual or group at a disadvantage, or something that someone is responsible for, or something that increases the chance of something occurring (i.e. it is a cause).
Necessity is the mother of all invention. Inventors invent because they or someone else has a need for something that does not exist.
Product warranty claims liability is an example of a liability that arises from a company's obligation to repair or replace products that are defective or do not meet the terms of the warranty. This liability represents the estimated cost of fulfilling these warranty claims and is recorded on the company's balance sheet as a potential expense that may need to be incurred in the future.
Invent a new rap song..
it means that you dont invent something unless you need it
to invent an object, you need to know a lot or at least something about science
They dont have any money
Scientists don't invent, they experiment. Inventors invent. An invention is a thing not made yet. To make most money out of it, you need to invent something nobody has, but everybody needs. The person who invented shoelaces made a lot of money.
Strict liability torts are legal wrongs for which a person can be held responsible without the need to prove fault or negligence. Examples include product liability, ultrahazardous activities, and certain types of animal-related injuries.
Professional liability insurance is something that people who are doctors or special physicians need. You can sign up for this at professional insurance companies like State Farm.