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Why do vitamin and dietary supplement stores need insurance?
Dietary supplements aren't always tested for safety, which makes selling them risky. If a customer is harmed by an herbal supplement, you could face a product lawsuit. Business insurance covers expensive legal costs, along with workplace injuries, auto accidents, burglaries, and data breaches.
Find affordable insurance
With Insureon, vitamin shop owners can compare quotes from top-rated insurance companies.
A licensed insurance agent will help make sure you get the right coverage at a price you can afford.
What types of insurance do vitamin stores need?
These insurance policies cover the most common risks faced by vitamin and dietary supplement stores.
Business owner's policy
A business owner's policy, or BOP, is a cost-effective way for owners of vitamin stores to buy general liability coverage and commercial property insurance together.
BEST FOR
- Adverse reactions to products
- Damaged or destroyed inventory
- Business interruption coverage
General liability insurance
A general liability insurance policy covers third-party lawsuits from injuries and property damage. For example, a customer could sue over a topical supplement that caused a skin rash.
BEST FOR
- Customer bodily injuries
- Product liability claims
- Libel and other advertising injuries
Workers’ compensation insurance
Most states require workers' comp as soon as a vitamin business hires its first employee. It also protects sole proprietors from work-related medical bills that health insurance might deny.
BEST FOR
- Employee medical expenses
- Disability benefits
- Workplace injury lawsuits
Cyber insurance
This policy helps vitamin and supplement shops recover financially from data breaches and cyberattacks. It’s sometimes referred to as cyber liability insurance or cybersecurity insurance.
BEST FOR
- Customer notification expenses
- Fraud monitoring services
- Cyber extortion demands
Commercial umbrella insurance
Umbrella insurance boosts coverage on a vitamin store's general liability, employer’s liability, or commercial auto insurance policy once the limit is reached on a claim.
BEST FOR
- Customer injury lawsuits
- Employee injury lawsuits
- Auto accident lawsuits
Commercial auto insurance
This policy covers legal defense costs if your vitamin shop’s van or other vehicle gets into an accident. Each state has its own requirements for auto liability insurance.
BEST FOR
- Injuries caused to another person
- Property damage caused by your vehicle
- Vehicle theft and vandalism
Looking for different coverage? See more policies.
How much does business insurance cost for retail stores?
A small vitamin shop with only a few employees won't have to pay a lot for business insurance.
Factors that affect the cost of retail store insurance include:
- Products you sell, such as vitamins, nutraceuticals, or CBD products
- Whether you have a brick-and-mortar business or an e-commerce business
- Business operations and income
- Policy limits, deductibles, and exclusions
- Coverage options, including any additional insureds
- Claims history
How do I get vitamin store insurance?
It's easy to get vitamin and dietary supplement business insurance if you have your company's information on hand. Our application will ask for basic facts about your store, such as revenue and number of employees.
You can buy a policy online and get a certificate of insurance with Insureon in three easy steps:
- Complete a free online application.
- Compare insurance quotes and choose policies.
- Pay for your policy and download a certificate.
Insureon's licensed agents work with top-rated U.S. insurance carriers to find the right coverage for your vitamin shop or drugstore, whether you work independently or hire employees.
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FAQs about business insurance for vitamin and dietary supplement stores
Review answers to frequently asked questions about insurance coverage for the vitamin and dietary supplement industry.
Do you need FDA approval to sell vitamins?
While you don't need a license or approval from the Food and Drug Administration (FDA) to sell vitamins and supplements, there are still FDA regulations you should be aware of. For example, vitamin stores and supplement manufacturers must comply with the following:
- The Federal Food, Drug, and Cosmetic Act (FD&C Act) requires manufacturers and distributors to ensure that dietary supplements are not adulterated, misbranded, or otherwise in violation of federal law. Any health-related claims must be substantiated.
- The Public Health Security and Bioterrorism Preparedness and Response Act requires facilities that manufacture, process, pack, or hold dietary supplements to register with the FDA.
- The Dietary Supplement Health and Education Act (DHSEA) has additional requirements for supplements that contain new dietary ingredients.
In short, sellers aren't required to get FDA approval, but they're still responsible for making sure their products are safe and labelled correctly.
Do vitamin stores need product liability insurance?
Your products are one of your biggest liabilities at a vitamin and supplement store, which is why you need product liability insurance.
This policy covers a wide range of product lawsuits and label claims, such as:
- Side effects from vitamins and dietary supplements
- Allergic reactions to mislabeled products
- Contaminated products that cause an illness
- False or misleading health claims
- Lack of warning labels or disclaimers on products
- False claims about a product's nutrient content
Product liability insurance covers legal costs when a product sold at your store causes a bodily injury or damages someone's property. Because allergic reactions are common, this is one of the most important policies for any vitamin shop or food business.
If a customer sues your shop because a weight loss supplement sent them to the ER, the resulting legal bills could bankrupt your small business. Even if you weren't responsible for the product defect that caused the issue, you could still be held liable. That's why retailers, manufacturers, wholesalers, and distributors all need this coverage.
Fortunately, when you buy commercial general liability insurance or a business owner's policy it usually includes product liability coverage. It's sometimes called products-completed operations insurance.
Does business insurance for vitamin stores protect against theft?
Yes, you can buy insurance products that provide financial reimbursement for burglaries and other property losses. Here are the most common types of insurance that protect against theft:
- Commercial property insurance covers theft of vitamins and other items from your store, along with vandalism, fires, storms, and other incidents that damage or destroy business property. You can save money by bundling it with general liability insurance in a business owner's policy.
- Commercial crime insurance protects against losses caused by dishonest employees, such as cash register theft. You can usually add it to your property policy or BOP.
Property claims cause your premium to go up, which is another reason it's best to prevent theft in the first place. Sometimes insurers even offer a discount when you install an approved security system or take other steps they recommend.
What other types of insurance policies should vitamin and dietary supplement stores carry?
Vitamin and dietary supplement companies should consider several other types of insurance as part of their risk management plan. That includes:
- Business income insurance: This policy covers employee wages, rent, lost income, and day-to-day expenses when your store is forced to close due to damage from a fire, storm, or other covered property claim. It's also called business interruption insurance.
- Equipment breakdown insurance: If a refrigerator, point of sale device, or other piece of equipment fails unexpectedly, this policy can help pay to repair or replace it.
- Electronic data processing insurance: This policy protects against financial losses related to data loss on computers, backup drives, operating systems, network storage servers, and other eligible devices.
- Inland marine insurance: Because commercial property insurance only covers items at your business address, you may need inland marine insurance to protect shipments of vitamins and other products while they are in transit or stored off-site.
- Product recall insurance: Vitamin stores can face significant losses when a product is recalled. This policy helps cover the cost of removing contaminated dietary supplement products, along with related PR efforts.
If you have questions or need help finding the right insurance solutions for your risks, chat with a licensed agent today.