When it comes to vitamins and supplements, you know what helps to boost someone’s workout or protect their immune system. When it comes to supplement liability insurance, we know what helps boost your credibility as a business owner and protect you from paying costly claims out of pocket.
Finding the right insurance plan for you can be confusing. To help you pick the right policy, Insurance Canopy created your ultimate guide to supplement liability insurance—and how it can benefit you.
WHAT IS SUPPLEMENT LIABILITY INSURANCE?
Dietary supplement product liability insurance is a type of policy designed to help protect businesses that produce or sell vitamins or supplements from paying for costly product liability claims on their own. Whether your business is big or small, Insurance Canopy can help protect manufacturers, distributors, wholesalers, retailers, and importers from paying for claims such as:
- Misleading product information or claims
- Infections or illnesses
- Property damage
- Bodily injury
- Mislabeled products
- Failure to provide instructions or warnings
Because of the unique risks nutraceutical businesses carry, many insurance companies do not offer dietary supplement product liability insurance. Insurance Canopy has created customizable coverage options to meet your specialized needs. We work hard to help you litigate claims, expand your business ventures, and access unique policies.
WHAT POLICIES ARE INCLUDED WITH SUPPLEMENT LIABILITY INSURANCE?
Our policy starts with General Liability Insurance that we have combined with Product Liability Insurance. These policies can help cover costs for both first- and third-party claims due to your business operations or products.
Insurance Canopy’s vitamin product liability insurance also includes:
- Personal and Advertising Insurance, which can protect against cases of slander or libel
- Damage to Premises Rented to You, which can insure facilities and the contents inside
- Medical Expense Limit, which can cover medical expenses for claims of bodily injury
You can also add additional coverages to your policy, such as:
- Additional Insureds
- Product Withdrawal
- Employee Benefits Liability
- Hired and Non-Owned Auto
- Contractors Warranty
- Pollution Legal Liability
WHY DO I NEED DIETARY SUPPLEMENT PRODUCT LIABILITY INSURANCE?
When it comes to health and fitness products, accidents will happen. Even with strict product testing in place, you will always carry the risk of an accident occurring. Just one claim could result in:
- Paying thousands of dollars in claims
- Ending business relationships
- Halting production
- Product recalls
- And more…
Having vitamin product liability insurance can help you boost your credibility, which may help you build new partnerships and get your products into new marketplaces. You can also have peace of mind knowing your policy is backed by a top-rated carrier.
Ready to protect your products? You can submit an application online in 10 minutes or less today.
HOW MUCH WILL A SUPPLEMENTS PRODUCT LIABILITY POLICY COST?
To calculate your costs, submit an application today and an experienced agent will provide you with a personalized quote within 48–72 hours. The minimum premium starts at $2,500 with a minimum deductible of $2,500.
While there are several different factors that go into calculating your coverage costs, we have worked hard to create personalized policies for you. Depending on any additional policies you may add, your final costs can vary. Some of the factors we use to calculate your costs can include:
- Product type
- Volume of sales
- Ingredients used in the product
- Annual gross sales
- Additional policies
The cost of insurance is much more cost effective than the expenses you would be expected to pay out of pocket if your business was involved in a lawsuit. When comparing the cost of insurance to a supplements product liability claim, you are saving yourself thousands of dollars.
WHAT INFORMATION DO I NEED TO GET A QUOTE?
Submitting a quote for supplement liability insurance can be done in a matter of minutes through our online application process. Be prepared to provide information such as your gross annual income, a list of ingredients, and your past claims history.
To help us better understand your product and business operations you will be asked to answer a few questions about your business activities. This will help our agents better identify the types of coverages your business needs.
OUR BUSINESS IS PROTECTING YOURS
Insurance Canopy is your partner in protection. We are proud to offer unique policies to businesses as unique as yours. Submit an application for a policy today and be one step closer to protecting your products with us.