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I'm starting out on my fastlane path very soon. I've determined the niche I want to go in, and how I'm going to serve it. There is only a handful of manufacturers that will create the blend I want without requiring MOQ of 1,000+ (I'm just starting out with semi-limited funding).
There is a particular manufacturer that I'd really like to use, I've spoken to them on the phone and asked numerous questions, done my research and they are 1) reputable 2) seem like good people 3) have good products. The one issue I see is that they don't provide "umbrella insurance" to you since they aren't a massive institutional manufacturer. I'm going to call them in several hours to be sure but when I first spoke to them they said we provide "Certificate of Manufacture", and "Add on Insurance (or something of that notion)", but you would "need your own policy".
I know insurance is very important with consumables so have a couple questions:
1) This is my first venture and I don't have an LLC/S-Corp registered yet because I haven't sold anything and plan to sell on Amazon - should I do this first given the nature of the product?
2) Does the above sound like I need to get my own product liability insurance, or would it be best to scavenge for new suppliers that will get me under their plan?
Thanks!
There is a particular manufacturer that I'd really like to use, I've spoken to them on the phone and asked numerous questions, done my research and they are 1) reputable 2) seem like good people 3) have good products. The one issue I see is that they don't provide "umbrella insurance" to you since they aren't a massive institutional manufacturer. I'm going to call them in several hours to be sure but when I first spoke to them they said we provide "Certificate of Manufacture", and "Add on Insurance (or something of that notion)", but you would "need your own policy".
I know insurance is very important with consumables so have a couple questions:
1) This is my first venture and I don't have an LLC/S-Corp registered yet because I haven't sold anything and plan to sell on Amazon - should I do this first given the nature of the product?
2) Does the above sound like I need to get my own product liability insurance, or would it be best to scavenge for new suppliers that will get me under their plan?
Thanks!
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