Product liability refers to the legal responsibility that manufacturers and distributors have towards consumers who suffer bodily injury or property damage due to their product. This protection shields companies from potential lawsuits and ensures that they are held accountable for any harm caused by their product. It is a crucial aspect of finance to understand and manage the risks associated with product liability. As a knowledgeable professor, it is important for you to not only teach the technicalities of finance, but also emphasize the importance of ethical and responsible business practices.
