Today I had a question on the FB page asking me how to go about getting private label insurance for their line.
I am not an expert nor do I pretend to be. However, I do work with someone that provides insurance to her members and other start up businesses. That I will share with you in a moment.
First, I strongly recommend that you have a minimum $2 million policy to protect yourself, your customers and it’s generally required to sell in retail spaces.
Some distributors require $5 or $10 million depending on if it’s mass, shopping networks or health food stores. Even if you don’t think you need insurance, at least look into how much a $2 million dollar policy would cost for you. Better safe than sorry!
Here is the link.
Don’t worry it’s not an affiliate link, just something that I believe strongly that every company should have whether you sell 10 units a month or 2500.
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Hi Melody, thank you for sharing our link. As IBN’s president, I am committed to continuing our partnership with the insurance broker who created this program for us. It’s specifically designed for the very small mirco-businesses who would not be able to get their products on store shelves if they had to find insurance on the open market. It’s one of the many benefits our members enjoy. You have very lucky clients who get to have the benefit of your expertise in so many areas. Any health or beauty company would be lucky to work with you. It’s great to have nice people in the industry like you to work with!
Hi,
Just about to start my own organic skin care/cosmetic line. I am not making these products at home but rather purchasing from a large private label company. Would you know who might offer an insurance plan that is affordable? This is on the side of my “day job.” 🙂
Thank you!
Janet