Life Science Insurance
Also known as MedTech, pharmaceutical or bioscience insurance
Life Science Insurance
R&D disasters. Medical device or drug failures. Production delays. Running a life science business comes with complex risks. Being properly insured won’t make your work any less challenging. But it will mean you (and your users) can sleep at night.
Looking for specialists in your field? You’ve come to the right place.
Life Science Insurance is a sector we’ve specialised in for many years – so you don’t have to explain what you do or dumb down the details for us. We already understand how the different areas of your sector work. We’re aware of the pressures you face. And we know what it takes to protect your business.
Life science may be a complicated business, but we like to keep things simple, so our life sciences insurance is modular.
Need a more scientific insurance approach?
Explore Life Science Insurance
What is Life Science Insurance?
Life Science Insurance protects companies involved in the research and development of living things. Think MedTech insurance, pharmaceutical insurance or insurance for clinical trials.
It also covers biotech and medical device companies as well as bioscience, biomedical industries and agriculture.
Life science may be a complicated business, but we like to keep things simple, so our life sciences insurance is modular. Which means you get all the cover you need in a single policy. That’s one thing less to keep you awake at night.
“Creating solutions to the world’s problems comes with significant risk and challenge. When things go wrong, the impact on your business can be devastating, so your insurance needs to protect your process, your product and your brand.”
– Tony Gibbs, Life Science Insurance specialist
How Life Science Insurance protects you
We’ll dig deep into your business to uncover all your potential risks. We’ll even consider special risks like contamination, machinery breakdown, spoilage of perishable stock and ideologically-motivated attacks. So you are properly protected.
You can choose from worldwide protection (including the USA) or keep costs down by selecting cover for specific locations.
Product liability
Specialist efficacy (failure to perform) cover if a product fails to carry out its intended function
Clinical trials
Cover that reflects the geographical location of trials
Business interruption
Cover for loss of profit or R&D funding in the event that you are unable to continue working at full capacity
Intellectual property
Cover for legal costs to pursue or defend an IP claim
Employer’s and public liability
Cover against employee and public compensation claims, as well as claims made by clinical trial participants
Why you should consider Life Science Insurance
Use Life Science Insurance cover to reassure product users and provide peace of mind for clinical trial participants.
Consider efficacy (failure to perform) cover as part of your Product Liability Insurance, particularly if you’re involved in the medical sector.
Make sure you are fully covered. Gaps in cover could cause an insurer to decline a claim, affecting company finances and damaging your reputation.
Organisations like the NHS require medical equipment suppliers to have £5m Product Liability Insurance.
Make sure your insurance protects future profits, not just the initial costs associated with research and development.
If you have a lengthy R&D phase, consider business interruption insurance to cover unthinkables such as a lab fire or the death of a key staff member.
If you’re in the medical sector, efficacy (failure to perform) cover is a crucial aspect of Product Liability Insurance.
Need a more scientific insurance approach?
Talk to Tony or one of the team.
- Reading 0118 916 5480
- Marlow 01628 532 613
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