What type of cover is provided under a Food Supplements Business Insurance policy?
The types of cover available vary depending on what your business does, as an example a retailer such as a health food shop for instance isn’t going to require the same type of cover as a food supplement manufacturer, an importer of bodybuilding supplements insurance requirements yet again could be quite different, this is where choosing the correct insurance product for your business is important.
For most businesses having premises to work from is important, without them your business can’t operate. Protection for the buildings is essential if you own them, if you are a tenant then sometimes you may wish to make changes or improvements to the premises which are all at a cost, even the glass needs covering.
Specialist processes or blending can be a large part of your business if you are a manufacturer of vitamins or supplements therefore attention has to be paid to the machinery that is used, sometimes being specialist equipment that might not be easily obtainable “off the shelf”.
Technology can play a huge part in the manufacturing process and therefore its essential that this is taken into account when assessing the amounts to insure for. At Real Insurance we can guide you on the ways in which you need to calculate these figures to arrive at the correct figures, ensuring you don’t have a shortfall in the event of a loss.
Product Liability Insurance for a Food Supplement or Vitamin Business
As food supplements and vitamins are designed to be consumed, Product Liability Insurance will protect your business against allegations that your product has caused the user injury. These allegations can come from anyone at any time and whether you are responsible or not the cost to defend such a claim can be considerable.
Product Liability Insurance for a Food Supplement or Vitamin Business is usually paired with Public Liability Insurance, protecting your business against the cost of claims for compensation from a member of the public because they alleged loss damage or injury due to your negligence.
Public liability as an example, a visitor to your business premises could fall over boxes or perhaps a pallet injuring themselves, whilst delivering your products to a customer its alleged that you have caused damage to their property, even neighbouring business might claim against you because of something that you have done such as a small fire damage causing them to stop working, whilst these are just typical examples there are of course many more.
Most businesses at some stage in their evolution will require additional staff, Employers Liability is not only a legal requirement it’s there to protect your business against the costs, expenses and compensation should an employee become injured whilst they are working for you. Liability cover provides these legal costs as well as any compensation payments that might become due.
Wide range of covers protecting the assets, the liabilities and the directors of the business
Cover for your business doesn’t just stop with the business assets at the premises or the minimum liability covers, many more covers are available, protecting your business further.
Delivering your goods both in the UK and overseas means that you will need further protections in place, whether your supplement products are delivered by your own vehicles or you use a carrier its prudent to ensure that they are protected. For the UK usually a Goods in Transit policy will be required, if you are exporting overseas or importing then a Marine Insurance policy is essential.
Many insurance policies come with Commercial Legal Expenses cover included, these types of insurance policies can provide wide covers such as employment protections, disputes with HMRC and if you have a dispute with one of your UK suppliers then you have some protections in place. What’s more these usually come with a range of legal documents for you to use as well as free legal helplines.
Use email, have a website, communicate electronically? Even the smallest of businesses are vulnerable to attack from hackers, potentially bringing your business to a halt. Cyber Insurance provides a wide range of covers from basic cyber response to crime cover.
Running a company or being a senior member of the team means that at times you can be exposed personally to allegations of a wrongful act, this is where a Management Risks insurance policy will provide the cover you need. Protecting the Directors, the company itself (the Entity) as well as employment and environmental protection. Essential cover for Company Directors who can be held personally liable for a wrongful act.
Whether you have just one vehicle or you run a fleet of vehicles, Business Vehicle insurance is essential to keep your products moving and delivered on time.
Product Recall Insurance for supplement manufacturers or food-related products means that you could need to recall your products as a result of contamination or other concerns there may be about potential harm to your customers. Speak to us about covering the costs of a recall.
Who is a Food and Dietary Supplements business insurance for?
A Food supplements business insurance can be tailored to many different business types in this sector.
Manufacturers – Those businesses that blend mix or manufacture food and dietary supplements.
Suppliers – Suppliers of raw materials, vitamins and minerals for manufacturers.
Wholesalers – Food supplements wholesalers insurance for those keeping large stocks buying from manufacturers.
Distributors – Suppliers and distributors, supplying retailers and resellers of products.
Private Label – Manufacturing white label products for customers wanting to use their own branded vitamins and supplements