Do you have a product perfect for chain stores and want to know about Product Liability Insurance? Karen Waksman, founder of Retail MBA will give you tips and strategies to help you get started today!
Are you interested, in getting your product sold in chain stores like Macys, CVS or Home Depot? If thats the case it’s important to have an understanding of product liability insurance. In this short video training, Karen Waksman, the founder of Retail MBA will guide you through the essentials of product liability insurance and its importance for retailers.
What is Product Liability Insurance?
Product liability insurance is a type of coverage designed to protect retailers from being held responsible in case any issues arise with the products they sell. For instance, if a child were to choke on one of their products the retailer wouldn’t want to be held liable for it. Most major chain stores require retailers to have at a million dollar policy. In cases where the product carries risks the cost of insurance may be higher well.
Obtaining Product Liability Insurance
Obtaining product liability insurance is not a process as there are companies that offer such coverage. It’s advisable to consider securing this insurance before approaching buyers since most retailers won’t engage with suppliers who lack coverage. The cost of obtaining insurance can vary from a hundred dollars to more per month depending on factors, like the company providing coverage and the level of risk associated with your specific product.
To determine the insurance requirements, from a chain store you can check their vendor portal. Simply search for the stores name and “vendor” on Google to find it. The vendor portal provides all the information about the type of insurance they expect from their suppliers.
When selling to chain stores, having product liability insurance is crucial. While obtaining this insurance is typically not challenging it is a requirement for retailers. If you aim to have your products stocked in big box retailers it’s important to familiarize yourself with the product liability insurance requirements and start exploring policies.
If you need assistance in understanding how to approach, pitch and sell your products to retailers I recommend checking out Retail MBA. They offer services for individuals who prefer a do it yourself approach well as those who require additional support. Their expertise covers product categories at every stage of your business.
We genuinely appreciate your time spent watching our video today. It’s an honor for us to be here with you.
Outline of "Product Liability Insurance - What You Need to Know"
When it comes to selling a product to a retailer having product liability insurance is crucial. Karen Waksman, the founder of Retail MBA provides insights into the significance of product liability insurance and what you should be aware of.
What exactly is Product Liability Insurance?
Product liability insurance serves as a measure, for sellers in case legal action is taken against them due to any harm caused by their product to consumers. This becomes more important when dealing with retail chains as they want to avoid being held accountable for any issues arising from the products they sell.
Most chain stores typically require an one million dollar policy for product liability insurance. The cost of this insurance can vary depending on the nature of the product ranging from a hundred dollars to more per month. It’s advisable to explore options and find the suitable policy, for your specific product.
What Information Do Retailers Expect from You?
Retailers usually have dedicated vendor portals on their websites that outline their requirements from suppliers. These portals will include details regarding the types and amounts of insurance coverage. For instance certain products may call for a two million dollar policy.
Before approaching retailers with your pitch it’s crucial to review their vendor portal and ensure you meet all their stipulations.Most retailers require you to have the product liability insurance before they agree to purchase from you.
How Can Retail MBA Assist?
At Retail MBA they specialize in teaching individuals how to get their products into retail chains. With 13 years of experience they have aided, over a hundred thousand people in getting their products onto store shelves.
If you need guidance on how to approach present and sell your products to retailers Retail MBA is here to help. They offer services for both self directed individuals and those who require support. They cater to all product categories and business stages.
For details please visit the website of Retail MBA.
Having product liability insurance is crucial when selling your products to retailers. It’s vital to understand what retailers expect from you and explore insurance policies that suit your product. If you want assistance, with approaching, presenting and selling your products to retailers consider turning to Retail MBA. For information please refer to their website at RetailMBA.com!
Step-by-step training on how to sell to major retailers
We explain exactly how to do that and how to get started today. I’ve taught tens of thousands of companies on how to get your products to the stores. And so we’re here to support you. Or please subscribe to our Youtube channel and or be on the lookout for additional training that we create.
We are here to expedite the process of making money with your physical products and that’s what we’re all about. Take a look at our advanced training, live events, certification programs and so much more.
In this training, I will discuss some of the things to think about when approaching a retailer to sell your products and become a vendor. Hope it helps! 🙂
Karen Waksman,
Retail MBA
Questions? Contact Us!
1-855-Retail-2 (Call or Text)
Email: info@retailmba.com
Retail MBA provides a step-by-step formula on How to Sell to Major Retailers, Online Retailers, Smaller Retailers, Catalogs and More. No Experience Required! These solutions continue to convert for clients year-over-year! These are Time-Tested and Proven Strategies that we utilize ourselves when going after stores! Everything we teach, we test. Want access to these formulas? ANY one of our programs and coaching systems gives you access to them now. With that said…
Here are 4 Easy Ways to Work with Us:
1) Free Training – If You Would Like to Join Our Next FREE Webinar Training Called “Retail Chain Store Secrets – How to Sell to Major Retail Chains. No Experience Required” Then Sign Up NOW To Learn All About Selling into Retail Chains By Clicking Here! https://www.retailmba.com
2) Masterclass Intensives – Want to Join our Next 4 Week Elite Retail MBA Masterclass Intensive? These Intensives Are EPIC for people who Love Fast Paced Learning – Homework, Retail Coaching, Developing Your Strategy, Buyers Contacts and More! These Events Are Held Every Quarter. Join us by Clicking Here: https://www.retailmbabrands.com/masterclass
3) Done-for-You Program – If You Want Karen Waksman and Her Team to Reach Out to Your Top Dream Retail Chains On Your Behalf – And You Have a Retail-Ready Product, Check Out our Epic Done-For-You Service by Clicking Here: https://www.retailmbabrands.com/done
4) In Person Events – If You Want to Learn LIVE and Meet Karen Waksman in Person at Our Next Retail Sellers LIVE Event with Other Like-Minded Individuals in Beautiful San Diego, CA!
We Would LOVE to Have You Join Us by Clicking Here: https://www.americasnextretailproduct.com
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And…if you like this training, you will love these new short training sessions as well! Click on the links provided to watch and grow your consumer product business TODAY!
