Pharmaceutical, Biotech and Life Science Liability
Life sciences insurance is a tailored insurance solution for companies operating within the life sciences field.
This type of insurance available cover different risks which are specific to these industries. These include:
- Public liability
- Product liability
- Professional liability (errors and omissions)
- Product recall
- Clinical Trial No-Fault Compensation
- Clinical Trial Legal Liability
Benefits may include:
- Product recall costs
- Research and development restoration costs
- Barcode restoration costs
- Vendor additional insured costs
- Reputational damage costs
Coverage characteristics
The life sciences industry is characterized by innovation and rapid growth, but it also faces unique risks. The potential for financial loss is significant. Life sciences insurance plays a vital role in mitigating these risks and ensuring your business continuity.
Industries
A burgeoning marketplace of industries has an interest in Life Science coverage.
These include:
- Nutraceuticals, including Food and Supplements
- Pharmaceutical companies
- Biotech companies
- Human Clinical trial research organizations.
- Contract Research Organisations or Clinicians
- Drug Discovery organisations
- Medical Devices – including Wearables and Implantables
- Medical Drug companies
- Dietary Supplement
- Skincare, including Beauty, Cosmetics and Suncream
- Healthcare information technology
- Veterinary Products
- FemHealth entities
- Medical Cannabis organisations
- Medical Food
- Contract manufacturing companies
- Cosmetic Drug
You can get coverage no matter your size or stage of commercialisation with a customised life sciences liability policy.
Summary
Life science organizations face many risks during their business lifecycle. This includes the research and development stage. It also covers the trials needed for commercialisation. Finally, it involves the manufacture and sale of their products.
Contact Business Insurance Specialists to obtain the most appropriate coverage for your business. With access to all the major insurers, we can provide the right coverage for your entity.