The Nutraceutical Dietary Supplement business is a booming industry. 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.
Castle Rock Capacity Insurance Agency Currently offers Product Liability Insurance for the Nutraceutical Dietary Supplement Industry including coverage for:
Is Product Liability Insurance for Nutraceutical Dietary Supplements Manufacturers & Distributors is Difficult to Obtain?
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.
Insuring your Nutraceutical & Supplement Products Insurance through us offers you optional benefits such as:
- Product Liability Coverage for discontinued products or prior acts
- Product Liability Coverage for new and start-up businesses
- Product Liability Coverage for Vitamins, Minerals, Work Out Formulas, Weight Gain Formulas, Sleep Formulas.
- Premises Liability for your Manufacturing facility
- Primary insurance limits are available up to $5,000,000, with excess limits up to $20,000,000
- Blanket Vendors Additional Insured Endorsement Included
- Waiver of Subrogation Endorsement Available
- Primary & Non-Contributory Endorsement Available
- Options available for product recall expense coverages
- In many cases Premiums are available as low as $2,000.00
Who Should Have Products Liability Insurance?
Anyone that is responsible for the design, manufacture, sale or distribution of a component or end user product. 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 operation is overseas.
What is the average cost of insurance for a Dietary Supplement?
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,
How is a Products Liability Insurance Policy Rated for Nutraceutical Dietary Supplements?
A Products Liability Insurance Policy is rated on several factors.
- What is the product you are insuring
- How many of these products will be distributed into the market
- What are they used for and who will be using them
- How long are they intended to last
- Who formulated the dietary supplement
- What are the ingredients
- Where are they manufactured
- Who is manufacturing your product
- How clearly defined are the usage instructions, directions and guarantees and or warranties that are provided with the product
- What claims does the manufacturer or distributor make about the product, either in writing, demonstration or in media.
What Does Products Liability Insurance Cost for Nutraceutical Dietary Supplement Manufacturers?
Products liability insurance costs for Nutraceutical Dietary Supplements are much like any other liability insurance product. There no real average rate because they are based on the specific type of product you manufacture, retail or market. There are some products that pose very little potential to cause harm or damage and there are others that have a higher propensity to be risky, and therefore carry higher premiums.
How much Products Liability Insurance do I need for my Nutraceutical Dietary Supplements?
The amount of coverage required can vary, important factors to consider when shopping product liability insurance limits are: 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.
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 Products Liability Insurance Coverage, please complete a product liability quote request . Castle Rock Capacity 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.