Regardless of FDA requirements, you should have dietary supplement insurance to cover potential lawsuits or claims filed by clients taking your goods. Even if you’re not actually “making” the product, if your brand name is on the label, U.S. courts may still consider you a manufacturer.
Who Needs Dietary Supplement Insurance?
Anyone who is selling or making:
- Nutritional & Dietary Supplements
- Vitamins
- Nutraceuticals
- Herbal Products (compounded & non-compounded)
- Energy Supplements
- Protein Supplements
- Bodybuilding Supplements
- Weight Loss Products
- Topical Creams
- Body Cleansers
Industries Who Should Acquire A Policy
Below are some top industries who should acquire a dietary supplement insurance policy:
- Vitamin & Supplement Manufacturers
- Contract Manufacturers
- Online stores selling nutraceuticals
- Raw material suppliers
- Vitamin Wholesalers
- Mineral Distributers
- Traditional Store Fronts
- Dietary Supplement Manufacturers
How Much Does Dietary Supplement Insurance Cost?
Southern States Insurance has access to many nutraceutical insurance companies. This means we can offer multiple coverage and pricing options so you can choose what’s best for your company. Cost can vary for dietary supplement insurance, but minimum premiums usually start at $3000 for most states.
Why Do I Need Nutraceutical & Dietary Supplement Insurance?
Starting a Nutraceutical business can be complicated, and insurance is an aspect that your business cannot afford to ignore.
Common risks vitamin and dietary supplement businesses face:
- Your supplier or manufacturer is shut down or goes out of business
- You are sued because of an allergic reaction to an ingredient or an injury or death from taking the product
- You are sued for injury from the actual packaging that your product was shipped inside
- You’re helping your clients care for themselves, so let us help take care of you and your business
Which Ingredients Does The Policy Cover?
Many nutraceutical insurance policies are filled with exclusions for various ingredients. But we have access to insurance carriers who can waive these exclusions for you.
We can provide coverage for the following ingredients:
- CBD
- Yohimbe
- Kava
- Bitter Orange
- Magnolia Bark
- DHEA
It is important that you provide your insurance company with product labels and ingredients lists from the beginning. Especially if you need private label dietary supplement insurance. This ensures there are no insurance coverage surprises. Any time you need to add a product line, you should inform your agent so you can make sure that all the products are covered.
Speak With An Experienced Specialty Insurance Agent
For more information about dietary supplement insurance or to receive a quote for a policy, reach out to the experienced specialty insurance agents at Southern States Insurance by calling 888.971.6304 or by requesting a quote online.