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Vitamin & Supplements Insurance
The vitamin and supplements industry is ever changing and growing. Our specialist life science partner insurers have policies designed to meet the needs of research and development, manufacture and supply of vitamins, supplements, minerals, as well as sports nutrition, homeopathic and herbal remedies. We are also able to assist with life science start-up companies.
For peace of mind that you and your business reputation are protected, contact All Med Pro for all your insurance needs.
Product Recall Coverage
When developing health-related products such as vitamins and supplements, quality control is essential. Any contamination in the production process can lead to large scale product recall which can cost thousands. If this were to happen and you failed to have the correct level of cover in place, your business may be responsible for covering these costs leading to financial losses.
Many supplement production processes involve active ingredients. In the event that these ingredients were contaminated, a full product recall would be required. Product recall insurance helps to provide financial cover for the costs involved with a recall.
Research & Development Insurance
Research and development is the driving force behind the development of new products. The personal health industry, among many others, rely heavily on R&D to generate creative solutions to common problems.
R&D insurance is designed to offer protection against claims made against your business whilst developing new products. Creating a winning supplement in the already saturated market requires your business to bring something new to the table, which can lead to additional risks as you may be using new ingredients or processes to find that cutting edge.
Clinical Trials Insurance
Before taking a new vitamin or supplement to market, a thorough clinical trial process must be completed. Guaranteeing that the product is safe for the public is of the utmost importance and these trials offer vitamin and supplement companies confidence that there are no unexpected side effects before being made available for public use.
In the event that any dangerous side effects were found during clinical trials which resulted in claims being made against your business, this insurance product can cover the compensation and legal costs involved with a claim made by a third party.
Life Sciences Division – All Med Pro
At All Med Pro, we take pride in offering businesses a fully tailored solution to complex risk management requirements. Businesses working within the life sciences sector must have the correct level of coverage in place to ensure that they are not left vulnerable to claims being made by a third party. With All Med Pro’s industry experience and speciality cover, you are left with total peace of mind that your business is protected at all times.
We can consider covers for vitamin & supplement insurable risks that many general insurers and brokers alike do not offer or understand, such as:
- Product withdrawal coverage
- Product contamination
- Clinical trials
- Efficacy (failure to perform)
- Protection of your research and development
- Unintended breach of copyright, trademark or design