Interest in health and nutrition-related products is on the rise, making nutraceuticals an exciting and emerging industry.
In fact, experts believe that by 2021, the nutraceutical industry alone will be worth $279bn.* An aging baby boomer generation combined with rising awareness about the benefits of a healthy lifestyle, especially among millennials, is driving this growth.
It’s clear that the evolution of this industry represents a huge opportunity for businesses involved in the manufacture and distribution of nutraceutical products. However, this inevitably comes with increasing exposures such as bodily injury or the threat of a publicised recall of a contaminated product.
CFC’s dedicated policy for nutraceutical companies can help manage these risks and provide peace of mind. Read our brochure for full details.
CFC’s Life Sciences policy is designed to cover the full breadth of unique risk exposures faced by Life Science businesses. This innovative insurance product allows companies along the entire Research & Development chain to secure their funding streams and general business activities. Suitable for a range of companies from drug developers, CROs, CMOs and contract research service providers, our policy includes the below features and can be tailored to meet specific business needs.
Today we are excited to announce an innovative addition to our life science suite of products with the launch of our new insurance solution designed specifically for nutraceutical businesses in the US.
Interest in health and nutrition-related products is on the rise, making nutraceuticals an exciting industry. But just like any company that manufactures or distributes products, nutraceutical companies are exposed to a range of risks, both traditional and emerging, which this policy combines into a single package.
Coverages include products liability, commercial general liability and cyber. Broad product recall cover can also be included, protecting against accidental contamination, malicious product tampering, cyber malicious product tampering, product extortion and government action.
We have also tailored the cyber cover in this new policy to address changes to the manufacturing infrastructure caused by a cyber attack as well as offering defined cover for extortion to address the growing threat of ransomware and cyber crime.
Sean Burke, our Life Science Team Leader says: “We’ve had a lot of success with our life science and medical devices products, so providing a policy for the growing nutraceutical space felt like a natural next step in developing this suite. We believe we’ve provided a well-rounded policy making it easy for these businesses to get essential coverages like products liability while also addressing emerging risks such as cyber crime, recall events and more.”
This streamlined insurance solution provides a products liability limit of up to $5m and a general liability limit of up to $7m. Premiums start from as little as $2,500.