Specialist insurer Beazley has launched a new insurance product available to companies active at all points of the nutraceutical industry value chain.
NutraGuard has been designed as a way for nutraceutical manufacturers and distributors to secure cover for liability, general liability, errors and omissions (E&O), product recall expense, employee benefits liability and hired/non-owned auto insurance.
With the Canadian nutraceuticals market expected to witness a growth rate of over 5% by 2024, Beazley sees a gap within the insurance market “for a policy tailored to the precise needs of this burgeoning market,” said Derek Dow, Beazley healthcare underwriter.
“Beazley NutraGuard offers a solution that responds to the wide variety of exposures that companies in this industry confront.”
Evan Smith, Head of Miscellaneous Medical & Life Sciences at Beazley, added, “The expansion of our healthcare and life sciences offerings in Canada speaks volumes to the growth potential we see in this specialized insurance solution for businesses operating in the nutraceutical space.
“Beazley NutraGuard offers our clients a unique policy form that provides seamless coverage for the risks they face.”