Arranging insurance for smaller medical device manufacturers and distributors has sometimes proved to be a bit of a challenge. Insurers have traditionally charged relatively high minimum premiums and have asked for fairly lengthy proposal forms.
There is however, some good news for start-ups and companies with turnovers of less than £500,000. Markel Insurance have recently launched a pre-priced option that offers competitive premium without asking for masses of information.
If the company can meet with all the acceptance criteria, they can choose either public/products liability at either £2M or £5M indemnity limits, or a package policy that can include up to £50,000 cover for assets and employer’s liability at an indemnity limit of £10M.
Other options at an additional cost are cyber liability insurance and management liability insurance.
For further details and information on the acceptance criteria, please contact Tony Gibbs on 0118 916 5485.