As a senior vice president at Mesirow Financial, Jason Simon works closely with large, commercial clients to evaluate and secure competitive property and casualty insurance programs. He is responsible for various aspects of the marketing process, including preparing market submissions, performing coverage analysis, developing premium summaries and delivering coverage comparisons to clients and prospects. Once coverage is in place, Mr. Simon remains a primary contact for clients and oversees the day-to-day management of the account. Simon joined Mesirow Financial in 2001, and has since made considerable contributions. He assisted in the development of the company’s real estate captive program and has provided ongoing support to the condominium practice. Simon holds a bachelor of science degree in international business from Drake University.

 
Health E-Insights: Do you find nutraceutical companies carry enough insurance?
 
Mr. Simon: There are a couple of schools of thought based on what types of companies you are looking at. For start-ups just getting into the industry, insurance tends to be an afterthought. I have spoken with many new companies that only address purchasing insurance, because a supplier or retail partner requires them to do so. Insurance is designed to protect the assets of the companies these small business owners work tirelessly to create. Especially for start-ups, an uninsured claim or lawsuit could shut down the entire business. Analyzing the company’s exposures along with the necessary limits and coverages should be a key component of the business plan and operations. Larger, more established companies tend to understand the importance and necessity of a proper risk management program and are more engaged in discussing increased limits and ancillary or new policy types. Never before has this industry seen such competitive pricing and carriers willing to compete with favorable coverage terms for insureds. If there’s ever a question, I urge all nutraceutical companies to engage their insurance consultants to make sure their coverage is appropriate.
 
Health E-Insights: Have manufacturers been quick to embrace Prop 65 coverage?
 
Mr. Simon: Surprisingly, there are a great number of manufacturers who are unaware of California’s Prop 65 and how it can affect them. Once those manufacturers understand the converging risk liability policy, they are very eager to explore pricing and coverage options. California is a large market and many manufacturers have exposures there. This policy offers another level of protection that everyone should look into.
 
Health E-Insights: What is Mesirow’s competitive advantage?
 
Mr. Simon: Mesirow Financial’s insurance services division is one of the largest independent, employee-owned insurance agencies in the Midwest and the largest trading partner with many of the top carriers in the industry. These relationships provide competitive and comprehensive risk management programs for our insureds. Mesirow Financial also maintains an in-house claims department and loss control services for our clients. We strive to keep our clients up-to-date on the latest trends, topics and technology of the insurance industry, and we do so by offering various seminars and educational/informational newsletters.
 
Health E-Insights: What are the significant trends in the insurance industry that may affect nutraceutical manufacturers?
 
Mr. Simon: There are many insurance trends that affect manufacturers. For example, Prop 65 has been a big issue along with trademark infringement, copyright infringement, false advertising or misleading labeling. Additionally, privacy and data security are extremely important to address for any company transmitting data through a website. Fortunately, the industry is always looking to innovate and provide insureds coverage that is important and that is why the converging risk liability policy was developed. The policy provides coverage for all of the previously listed perils.   
 
Health E-Insights: What is the biggest challenge facing dietary supplement leaders today?
 
Mr. Simon: I firmly believe the biggest challenge will come in the form of governmental guidelines and oversight. New challenges such as the FDA’s NDI Draft Guidance and the Food Safety Modernization Act will require manufactures to allot manpower and money to understanding how companies need to comply with these new regulations. Manufacturing procedures and techniques might need to be altered which can hurt a company’s bottom line. While every industry has challenges, the nutraceutical industry has overcome some very large hurdles to get to where it is right now. I believe there are such vast resources in the form of research and trade associations that provide crucial and useable information that enables the industry to thrive in light of any challenge.
 
Health E-Insights: What have been your goals in the last year, and did you meet them?
 
Mr. Simon: I will share a personal goal and a business goal with you. My business goal at the beginning of the year was to immerse myself in the world of nutraceuticals. My goal was to learn about the industry and what is important to the people and companies. I desired to meet interesting and enlightening people who would share their wisdom and insights of the industry with me. To this date, I have met wonderful, intelligent and driven people who have been eager to provide guidance. I look forward to further building my knowledge, strengthening my existing relationships and forming new partnerships. As for my personal goal, I am a co-executive chair on the Alain Locke Initiative’s Associate Board (www.alainlocke.org). The goal of the organization is to close the achievement gap by energizing Chicago’s urban schools with the high impact leaders of tomorrow. My goal with the organization was to improve our fundraising and increase the amount of time the board interacts with the school children. We exceeded last year’s fund raising goal by $2,500 and have several projects in line that will be performed for and with the students. 
 
Sheldon Baker wants to interview you. For more information contact Sheldon at [email protected]. He can also be reached on Twitter @NutraInk. And visit his website at www.BakerDillon.com.