Beazley, a specialist insurer, has announced the launch of its nutraceutical-focused insurance solution, NutraGuard, in Canada.

NutraGuard offers insurance solutions tailored to the needs of nutraceutical manufacturers and distributors.

It also offers flexibility to cover products liability, general liability, errors and omissions (E&O), product recall expense, employee benefits liability and hired/non-owned auto insurance.

Firms operating at any point in the nutraceutical value chain such as ingredient producers, product manufacturers, and wholesale/retail distributors, can opt for coverage from NutraGuard.

Beazley noted that it launched NutraGuard in the US seven years ago, which gave it a substantial understanding of the nutraceutical market.

Beazley healthcare underwriter Derek Dow said: “With the Canadian nutraceuticals market expected to witness a growth rate of over 5% by 2024, we see a gap within the insurance market for a policy tailored to the precise needs of this burgeoning market.

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“Beazley NutraGuard offers a solution that responds to the wide variety of exposures that companies in this industry confront.”

Beazley head of miscellaneous medical & life sciences Evan Smith said: “The expansion of our healthcare and life sciences offerings in Canada speaks volumes to the growth potential we see in this specialized insurance solution for businesses operating in the nutraceutical space.”

Beazley has underwriters in the US, Canada, Latin America, UK, Europe, and the Asia Pacific.

Its client base features a wide range of organisations producing vitamins and minerals, lifestyle supplements, sports nutrition, cosmetics, personal care and energy products.

Earlier this year, Beazley created a new digital business unit to transform its approach to develop, underwrite, and deliver digital insurance solutions.