Our small museum organization sold premanufactured bottles of soda with customized labels on them. One of our directors who is an insurance agent took out a product liability insurance policy on these and I contended that since all directors are bonded against liability of the company, we are incorporated and we do not own our own building that we are judgement proof and do not need this insurance. Any advice would be appreciated..--Answer1:With todays perchance for litigation, you need all the insurance you can get..--Answer2:You need the insurance! If someone sues your company for any reason, it will help. An employee gets in an accident on the way to a meeting- the company can be held liable. A customer slips and falls walking into your office- you can be held liable, in addition to the owner of the building.The reason these policies are out there are to protect small companies, and members of the board. Also keep in mind, that even being incorporated or bonded are not safegaurds. If a judement of higher than the limits of that policy, you can be help liable. You are more at risk than you think.