Specialized Product Liability Insurance Program Fuels Rapid Growth of the Dietary Supplements and Nutraceuticals Industry
Columbia, SC (PRWEB) July 17, 2013 -- As dietary supplement sales reach over $11 Billion in the US alone, manufacturers are thinking about what to do in a worst case scenario. SADLER Products Liability Insurance agency just announced a new insurance program specialized to the needs of the nutraceuticals and dietary supplements industry.
This new insurance program provides a unique tailored solution to the rapid growing nutraceutical and dietary supplement industry by safeguarding manufacturers, distributors, importers and sellers of products in the event of lawsuits or product recalls.
"The supplement industry has taken great strides in recent years, but liability and recalls still exist and can hit a supplement manufacturer and their agents extremely hard," said Paul L. Owens, Risk Management Expert with SADLER.
The source of many problems for the supplement industry is poor manufacturing and inspection practices. This led to the FDA noting half of the hundreds of dietary supplement firms they inspected had violated manufacturing rules.
"You also have the problem of at least a quarter of the supplements on the market have ingredients that aren't listed on the product label. The FDA or a customer's attorney can step in and cause big problems for the manufacturer or distributor," Owens said.
SADLER Products Liability Insurance offers specially designed coverage to the dietary supplement industry. Insurance includes up to $5 million in liability limits on a primary basis and a variety of features offered specifically for dietary supplement firms. Additionally, Product Recall insurance is offered, which many manufacturers, distributors, and small-business owners don't realize is not always included in Product Liability insurance.
"The good news is the number of violations and problems is down, so the cost of liability insurance is dropping. Now companies can get the coverage they need at a cost-effective price," Owens said.
All this works to help Dietary Supplements grow in a climate where millions of people are looking for more natural ways to influence their health.
See more about Sadler's dietary supplement coverage at http://www.products-liability-insurance.com/dietary-supplement-nutraceutical-industry/
To find out more about the resources and information available on Sadler & Company's products liability website, or to apply online, go to http://www.products-liability-insurance.com/ or call 1-800-622-7370 and ask for Paul Owens or the product liability department.
YouTube Video: http://youtu.be/2uCeS9bsM4g
Paul L. Owens, SADLER | Products Liability Insurance, http://www.products-liability-insurance.com/, 803-254-6311, [email protected]
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