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Insurance
Is it typical for cosmetic chemists to have some sort of insurance policy when developing formulas as a consultant?
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2 Replies
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I am a Consultant and met with an Insurance Underwriter early in my Business when setting up Licenses and the LLC. I did not need liability insurance and it was explained that under the new FDA cGMP Guidelines the liability rests on the Distributor of the finished goods.
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If you strictly stick to cosmetics/personal care, as Mark says, no insurance is needed. Developing any other kind of product - dish washing liquid, for example - would leave you open to potential lawsuits, so insurance would be a good idea.
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