Finding the right insurance has typically been a cumbersome, time-consuming process. Not anymore! RangeMe subscribers can now quickly and easily find the right insurance for their business – and get quotes within minutes – without having to leave the platform, thanks to an integration with New York-based digital business insurance agency Coverdash.
“In the highly competitive CPG industry, it’s crucial to take steps to protect your business’s future,” said Ralph Betesh, Co-Founder & CEO of Coverdash. “Brands face numerous risks that can significantly impact their financial stability such as product recalls and cyber threats. Business insurance is an essential tool for mitigating these risks and ensuring the continued success of your business.”
Coverdash is licensed across all 50 states, and specializes in serving the insurance needs of businesses of all shapes and sizes. With this convenient integration and quick application process, RangeMe subscribers can instantly compare new or existing coverage, and will save on average up to 30% on insurance premiums, according to Coverdash.
“We continually seek ways of enhancing the user experience for our subscribers,” said Vir Satyan, SVP of Customer Success at RangeMe. “Insurance is critical for long term supplier success, and you have to have insurance to become Verified on the platform. With the Coverdash integration, we’ve made getting the right insurance as seamless as possible.”
How it works
RangeMe suppliers have the ability to use Coverdash at several entry points within the platform – including a sidebar banner on the supplier’s dashboard, through the RangeMe Services page, and during the RangeMe Verified application process at the point where they are prompted to enter their insurance information.
Once the supplier enters the Coverdash experience within RangeMe, they simply answer a few questions related to their business (many of the fields are pre-populated for their convenience) and within minutes Coverdash will return the top three insurance providers that best match their needs. Results can be filtered by “Best,” “Cheapest” or “Carrier Rating.” From there, they simply select the provider of their choice and purchase the insurance.
.
Why brands need insurance
According to Coverdash, there are several key reasons why it’s important for brands to have insurance. Over the next few months, the firm will be contributing regular columns diving into the intricacies of the various types of insurance, but following are some key areas addressed with insurance.
Compliance and credibility
In most states, certain types of business insurance, such as workers’ compensation (if you have employees) and general liability insurance, are legally required for CPG companies to operate. Non-compliance can result in fines, legal penalties, and even business suspension. Additionally, having comprehensive insurance coverage enhances a company’s credibility with consumers, investors, and business partners. It demonstrates a commitment to responsible risk management, making the brand more attractive for partnerships and investments.
Protection against product liability
Product Liability insurance, which is often covered by a general liability policy, is indispensable for CPG companies, offering protection against claims of injury or damage caused by your products. CPG brands are at risk of product liability lawsuits if their products cause harm to consumers due to defects, contamination, or misleading labels. Product liability insurance covers these costs, helping companies avoid financial devastation and continue operating even in the face of legal challenges.
Selling online
If you sell your products online, you’re likely distributing through major e-Commerce platforms. Most major online marketplaces, including Amazon, now require sellers to have a General Liability insurance policy if they reach a certain sales threshold. Failing to have the right coverage can result in suspension from these platforms, severely impacting sales and revenue.
Guarding against cyber threats
As CPG companies increasingly rely on digital technologies and e-commerce platforms, they become more vulnerable to cyber-attacks. A data breach or ransomware attack can lead to significant financial losses, including costs related to breach response, legal fees, and regulatory fines. Cyber liability insurance offers protection against these risks, enabling CPG brands to recover quickly and minimize the impact of cyber incidents.
Get your insurance quote now!
Business insurance is a critical investment for CPG brands, providing essential protection against a wide range of risks. The best place to start, according to Coverdash, is getting your basic general liability policy. From supply chain disruptions to cyber threats, insurance helps companies navigate challenges with confidence.
Indeed, having the right insurance coverage can be the difference between a minor setback and a catastrophic loss.
And with Coverdash, we’ve made it easier than ever to get coverage!