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 looking to get your product on the shelves of big box retailers like Macy’s, CVS, or Home Depot? If so, you’ll need to know about product liability insurance. In this article, Karen Waksman, founder of Retail MBA, will walk you through what you need to know about product liability insurance and retailers.
What is Product Liability Insurance?
Product liability insurance is a type of insurance that protects retailers from being held liable if something goes wrong with a product they are selling. For example, if a child chokes on a product, the retailer does not want to be held responsible. Most chain stores ask for a million dollar policy. If the product is particularly risky, the cost of the insurance may be higher.
Getting Product Liability Insurance
Getting product liability insurance is not difficult. There are many companies that offer it. Before pitching buyers, you should consider getting the insurance, as most retailers will not buy from you without it. The cost of the insurance can range from a few hundred dollars to more per month, depending on the company and the risk associated with the product.
Checking the Vendor Portal
If you want to sell to a particular chain store, you can check their vendor portal to see what kind of insurance they need from their suppliers. Every chain store has a vendor portal, which can be found by searching for the store’s name and “vendor” on Google. The portal will explain what kind of insurance they need from their suppliers.
Product Liability Insurance
Product liability insurance is an important part of selling to big box retailers. It is not difficult to get, but it is a non-negotiable requirement for most retailers. If you are looking to get your product on the shelves of big box retailers, make sure you understand the requirements for product liability insurance and start shopping around for the right policy.
If you need help understanding how to approach, pitch, and sell to retailers, please take a look at Retail MBA. They offer services to help people who want to do the work themselves, as well as those who need additional support. They work with every product category at every stage of your business.
Thank you for watching our video. We appreciate you and are honored to be here with you today.
Outline of "Product Liability Insurance - What You Need to Know"
When it comes to selling a product to a retailer, product liability insurance is an essential part of the process. Karen Waksman, founder of Retail MBA, explains what you need to know about product liability insurance and why it’s so important.
What is Product Liability Insurance?
Product liability insurance is a form of insurance that protects the seller from any legal action taken against them if their product causes harm to a consumer. This is especially important when selling to big box retailers, as they don’t want to be held responsible for any issues that arise from a product they are selling.
Most chain stores will require a million dollar policy for product liability insurance. Depending on the product, the cost of the insurance can range from a few hundred dollars to more per month. It’s important to shop around for the best policy for your product.
What Do Retailers Need From You?
Retailers will typically have a vendor portal on their website that outlines what they need from their suppliers. This will include information about the type of insurance they require. For example, some products may require a two million dollar policy.
It’s important to check the vendor portal of the retailer you are selling to before pitching them. Most retailers won’t buy from you without the appropriate product liability insurance.
How Can Retail MBA Help?
At Retail MBA, they teach people how to get their products into big box retail chains. They have been doing this for the last 13 years and have helped over a hundred thousand people get their products into stores.
If you need help understanding how to approach, pitch, and sell to retailers, Retail MBA can help. They offer services for people who want to do the work themselves, as well as those who need additional support. They work with every product category at every stage of your business.
For more information, please visit Retail MBA.
Product liability insurance is an essential part of selling a product to a retailer. It’s important to understand what the retailer needs from you and to shop around for the best policy for your product. Retail MBA can help you understand how to approach, pitch, and sell to retailers. For more information, please review RetailMBA.com!
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