Now is the perfect time! The perfect time to expand your business into new retail spaces. And you can do just that with the aid of product liability insurance.
Retailers aren’t always anxious to change the status quo. New entrepreneurs means new workload as well as more risk. So, it becomes challenging for any business to get their products into retail stores.
But don’t let that discourage you!
We’re not going to say it’s easy. What we do want to tell you is that with the help of product liability insurance from Insurance Canopy, the process can go a lot smoother and you can be sure you’re getting the professional support you need.
So today we’re here to tell you about how you can go about finding new spaces to break into, both physical in location and online.
Where To Look
Short answer? Everywhere. Longer answer? Physical stores and online retailers. But let us explain.
Have you ever considered selling your product in a local boutique? This may not be an option for every business but if you have an idea for a locally-owned storefront in your area that could sell your product then consider contacting them. They might already have partnerships with other vendors in your town and have a process in place to take on new businesses.
Here are a few tips for making the most of your efforts:
There are an incredible number of online retailers that would be more than happy to partner with you in selling your products. Whether you’re manufacturing dog collars or making specialty popcorn, with a quick Google search, you’ll find many possibilities.
Do your best to find an online retailer’s contact information. You could send a few emails, make a phone call, and look for their vendor application if they’re a big enough retailer.
Larger retailers will know the drill and will likely connect you to an individual or point you in the right direction of where to obtain relevant information. .
But, if you’re wanting to go a more traditional route and find those brick-and-mortar stores, you’ll want to…
Visit In Person
Businesses with storefronts are likely bombarded with emails every day. Going into the actual store gives you a chance to speak to someone face-to-face, even if it's for a second during their peak hours.
Another benefit to visiting in-person is that it gives the retailer a chance to have a bit of an interview with the owner. They can ask you questions, gauge your business conduct and manners, and hopefully come away with a good impression of you as a business partner.
If you’ve visited and haven’t been able to connect with the manager, then give the store a call before you go in again. You’ll be able to (hopefully) find out when they’ll be in and you can time your visit better.
Bring Your Product With You
A visit to the store to have an impromptu discussion is great, but if you really want to make an impact you’ll bring a sample of your product with you to show the store owner. With a great short pitch and demonstration, even the sharks on Shark Tank will want to take you on as a partner.
You don’t have to tell the store owner exactly what your product profits, but you should have data put together that you can eventually share with the owner.
By doing your math, looking at their potential profits as well as your own, and having that easily accessible when the time comes, will all propel your partnership and even give you the confidence to replicate the process at another retailer.
What You’ll Need
Besides getting in contact with the retailer you’re wanting to get into, you’ll want to have a few other things put together.
Yes you need all the proper data to show that your product is profitable and desired by the public, you’ll actually also need proof of product liability insurance.
Like we mentioned, stores taking on new products means they’re taking on new risks and they’ll want to make sure that if something were to go wrong when your product was being used, that they would have insurance coverage and you would have a policy in place in the event of a liability lawsuit.
If you’re not sure how product liability insurance can help we’ll explain by answering a few questions:
What Is Product Liability Insurance?
This type of insurance protects you against your product’s risk to consumers. This goes for businesses who are on part of a supply chain—whether that’s manufacturing, selling, or distributing.
What Does Product Liability Insurance Do?
Carrying insurance gives you peace of mind that if you were sued as a result of your product’s harm to consumers then you would have coverage in place for expenses such as out-of-pocket legal fees. Your insurance limits would pay out any covered loss.
Can Product Liability Help WIth Online Retail?
Yes! Insurance Canopy has worked with thousands of business owners to break into stores such as Target, Whole Foods, Ulta Beauty, Petco, Rite Aid, Amazon, Walmart, and countless others, both online and storefront.
What Product Does Insurance Canopy Cover?
Insurance Canopy can insurance the following products:
- Beauty and Cosmetic
- Vape and E-Cigarette
- CBD Topical
- CBD Ingestibles
- Vitamin and Dietary Supplements
- Cleaning Products
- Grocery & Food
- Health & Household
- Home Office
- Medical Devices
- Pet Supplies
- Sporting Equipment Mfg.
If you don’t see your industry listed, don’t panic. Insurance Canopy can still help! Feel free to fill out our general application, someone will contact you to follow up and discuss a potential policy.
Buying Product Liability Insurance
Purchasing product liability insurance is the greatest thing you can do for your business. No matter what you sell, you could be held liable for issues arising out of your products’ exposure to the market and you could be sued as a result.
One lawsuit could cost thousands in out-of-pocket fees and without the proper insurance in place, you could face a heft loss.
Protect your product, and yourself by getting started submitting an application for product liability insurance today.
Product Liability Insurance