Product Liability Insurance for Nutritional Dietary Supplements

Vitamin and nutritional supplement manufacturers, importers, distributors and wholesalers have unique exposures due to the varying ingredients and use of the products. Third party bodily injury claims, judgements and defense costs can be financially devastating to a company. Having adequate general and product liability coverage is essential for those in this industry.

Fiorentino Insurance Group provides worldwide comprehensive insurance programs for companies in the vitamin, supplements, and nutraceutical industries. Our exclusive nutraceutical insurance program offers some of the broadest coverages available on the market. Working with our team, we can help you navigate through the underwriting process.

Fiorentino Insurance Group’s exclusive nutraceutical insurance program offers some of the broadest coverages available on the market and covers emerging markets, such as CBD/hemp.

We are your vitamin and supplement insurance solution.

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.

• Herbal Supplements
• Weight Loss Supplements
• Strength Building Supplements
• Bodybuilding Supplements
• Endurance Supplements
• Sleep Aid & Energy Formulas
• Dietary Supplements
• Vitamins and minerals
• Keto Foods & Keto Supplements
• Sport/Energy Drinks
• Protein/Meal replacement products
• Botanicals
• Body Cleansers & Topical Creams
• Bedroom performance products

• Below are some top industries who should acquire a dietary supplement insurance policy:

  • Vitamin & Supplement Manufacturers
  • Contract Manufacturers
  • Online stores selling nutraceuticals
  • Ingredient suppliers
  • Vitamin Wholesalers
  • Dietary Supplement Manufacturers
  • Formulators and Consultants

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.

• 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

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 b another operation, even if the 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, and the annual sales volume.  Minimum Premiums usually start at $3,000 for most states.

• 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.

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.

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.

Fiorentino Insurance Group is an insurance agency located in Boca Raton, Florida, with the ability to place Supplement Product Liability Insurance in all 50 states.

For more information about dietary supplement insurance or to receive a quote for a policy, reach out to the experienced specialty insurance agents at Fiorentino Insurance Group by calling 561-368-4704 or by requesting a quote online.