Dietary Supplements Product Liability Insurance is vital in the Nutraceutical & Dietary Supplement business. Having a Dietary Supplements Product Liability Insurance policy can protect your company from claims and lawsuits in the event of damage or injury. Every year hundreds of new Dietary Supplements & Nutraceutical products come to market. For these to reach their full sales potential, many need to appear in retail markets, be added to web stores or be offered on television. In order to do so or be properly protected from claims and suits Nutraceutical Dietary Supplement manufacturers need Product Liability Insurance.
Herbal Supplements | Dietary Nutraceuticals |
Not for us. Product Liability for food products is typically simple to obtain. However the Nutraceutical Dietary Supplement market is much smaller and many insurance carriers will not write Product Insurance for Dietary Products, Supplements or Nutraceuticals. However our long list of carriers gives us access to Product Liability Markets many other brokers do not have access to.
We have successfully written this business class for years.
Anyone that is responsible for the design, manufacture, sale or distribution of a component or end product of Dietary Supplements should have Dietary Supplements Product Liability Insurance. This applies to any business or individual that manufactures his own product or even if the product’s manufacturing is subcontracted out buy another operation, even if the man manufacturing operation is overseas.
Although we are typically asked this question, there is typically no “out of the box” price for the cost of insurance for a dietary supplement manufacturer or distributor. Several factors come into play with regards to rating, such as; the nature of the product, the annual sales volume,
A Products Liability Insurance Policy is rated on several factors.
The amount of coverage required can vary, important factors to consider when shopping product liability insurance limits are: So, how much coverage do my vendors require me to have to stock my product? What do I stand to lose if our Nutritional Supplement company is sued? Because claims or allegations against supplement manufacturers can be severe or deadly, you may want to discuss your insurance requirements with vendors or an attorney before making any decisions.
Please keep in mind that typically insurance policies can not provide coverage for things like fines for false claims. So it is essential that your products have the required FDA warnings on them1
Because every Nutraceutical Dietary Supplements Product is different, underwriting a products liability insurance policy for your product is complicated. If you need a quote on Product Liability Insurance Coverage, please complete a product liability quote request. Castle Rock Insurance Agency currently offers Products Liability Insurance Policy Coverage in New York, NY, New Jersey, NJ California, CA, Connecticut, CT, Massachusetts, MA, Illinois, IL, Florida, FL, Connecticut, CT and Pennsylvania, PA and the rest of the USA.