Insurance for Dietary Supplements and Nutraceutical Companies

What it covers:
If a customer files a lawsuit against your company, claiming that one of the products you sold or manufactured caused an injury or property damage, product liability insurance safeguards you from the legal costs of the case.

Why you need it?:
This policy protects an organization from lawsuits relating to its products. Even if your business did nothing wrong, defense fees could still add up quickly in a frivolous lawsuit. Product liability is essential for manufacturers and retailers, who are both held responsible for their products.

What it covers:
This covers the organization from some of the fundamental risks that come with running an organization, such as “slip-and-fall” claims, damage to a third party’s property, products liability claims, damage to rented space, and personal or advertising injury claims.

Why you need it?:
It forms the foundation of a risk management program. On top of protecting the company from legal liability caused by bodily injury or property damage, this coverage is usually required in contracts like office leases and vendor agreements.

What it covers:
Also referred to as “Errors & Omissions” or “malpractice” insurance. It covers HealthTech companies if an act, error, or omission committed in the course of the company’s performance of professional services is alleged to have caused a financial loss for a third party.

Why you need it?:
Complex litigation is expensive, and there’s a lot that can go wrong for HealthTech companies in particular. The policy responds to the threat of professional service disputes by paying legal fees and judgments or settlements that result from a lawsuit for an alleged failure in the provision of professional services.

What it covers:
This coverage protects your organization from lawsuits, fines, and penalties arising from a hacking attack or data breach. It can also reimburse the company for its direct expenses, such as breach notification costs, credit monitoring, data restoration, and forensic analysis.

Why you need it?:
If you collect any personal or organizational information, have a “login” feature on your site, integrate with another organization’s systems in any way, have employees who could fall for phishing scams, generate online content (i.e., blog posts), or rely heavily on email communications, you need cyber liability insurance. HealthTech companies have sensitive information on patients, which is a highly visible target for hackers, and it should be protected.