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Whole Foods is now enforcing higher liability insurance requirements, which will affect insurance costs for dietary supplement suppliers.
Poms & Associates (Woodland Hills, CA) reports that Whole Foods is now enforcing higher liability insurance requirements, a move that will adversely affect insurance costs for dietary supplement suppliers.
Companies that don’t meet the requirement would have to pay higher premiums.
Greg Doherty specializes in dietary supplement practices with Poms & Associates. Doherty says he spoke with a Whole Foods insurance broker responsible for the enforcement.
“For the past several years, the insurance requirements for Whole Foods Markets have been unevenly enforced, often on a regional or even local basis, with exceptions made that deviated from corporate guidelines. Virtually without exception, the deviations allowed suppliers to get by with insurance limits less than the corporate mandate. Now Whole Foods Markets has decided to enforce the requirements with a ‘no exceptions’ policy.”
Poms’s solution for the Whole Foods requirement is a newly developed insurance facility that brings companies up to a required $6 million per occurrence and $7 million aggregate.