product liability insurance

[murphy4]

What is the name of your state? Minnesota
I have invented a new product which is an accessory mounted to an electric wheelchair used by quadriplegics.
THis product is very useful for quads and gives them freedom they have never before enjoyed.
I set up a corporation(S-corp) hoping to be able to market these.
This is considered a class 2 exempt medical device by the FDA.
THe problem is getting product liability insurance and small business insurance.
Being a new product and a new mom/pop business insurance companies are not willing to give me insurance.
Even if I could find one who would the cost would be so high that it would wipe us out before we ever got started.
I have sold 6 of these to people using them with the understanding that they sign a waiver not holding me responsible
for anything that might happen to them or their chair while using my product.
They have all agreed happily to do this as they want to have the use of this product at whatever cost.
Am I at all covered by this agreement,or am I waisting my time?
There are lots of quads who want the use of this but due to the red tape and insurance problems I don't feel that I can sell them to them.
What do you suggest?
Thanks, Kevin

 

[ellencee]

murphy4
Patent your invention and sell it the patent. If you make and market a product, a more established DME manufacturer will simply modify your invention and beat you at your own business.

I gave this advice once before and the inventors chose to keep their patent, decline a 5 million dollar offer of purchase of the patent, and to manufacture their own bath chair for paraplegics and quadraplegics.
Now bankrupt and divorced, with their invention and patent worthless, I wonder if they wish they had listened to the consultants they hired.

Get your patent and sell the patent.

Best wishes,
EC