Life science company insurance is specifically designed as a combination of property and liability insurance which offers protection to life science companies involved in medical technology, research and development or manufacturing.

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Life science company insurance from a WTW Network broker

Who are the best life science insurance carriers?

We work with a number of the best life science insurance carriers in the market. Life science businesses are often complex, the development of new research can be fast-paced, and this requires a great level of skill from your broker and insurer to understand the science associated with your activities and the risks to build the right insurance program for you.

Why do companies need life science insurance?

Life science businesses are vulnerable to a range of unique risks including clinical trials, research & development costs, product recall, and contamination risks and so they need an insurance policy that will cover their needs but also offers a level of flexibility as things change, and a team who have the right experience to help when there is a claim, as these can be complicated and challenging.

The scope for claims is huge, with claims coming from unsafe products to negligence in clinical trials, the risks for those responsible are growing, as we live longer, we become more reliant on scientific advancement for products and solutions creating the need for specialist insurance to protect the businesses and recipients.

Do you need a comprehensive life science insurance policy?

We can provide a comprehensive package policy that can include a wide variety of insurance protections. Life science companies are vulnerable
to a number of unique liability exposures, (such as R&D costs, product contamination) so they need a policy that can grow and adapt with them.

General Liability

Public liability, product and services liability can protect against accidental bodily injury and property damage against a range of incidents.

Professional Indemnity

Errors and omissions liability can offer cover from a product or service defect or failure to perform your services under contract.

Property Damage

Property damage and business interruption insurance can offer critical cover against a wide range of perils that cause significant harm.

What life science insurance do you need to purchase? Speak with an expert broker about your needs today

Life science insurance can start from £450 per annum for small businesses requiring the more basic covers

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How can life science insurance offer protection?

Life sciences insurance offers protection in several areas, notably, product liability, public liability, errors & omissions cover and clinical trials cover. Below is how each of these covers can offer valuable protection:

Products Liability

Products and services liability cover protects you if a product fails to do what it is supposed to do for example if a skin product did not include adequate warnings and caused burning to the skin.

Errors and Omissions

Otherwise know as professional indemnity, provides protection if a product manufactured and supplied by the insured is defective or deficient in some way and this causes a monetary loss and or reputational damage to the company it was supplied to.

Public Liability

Public liability insurance cover will protect you if you cause loss, damage, or injury to a third party for example if someone trips over a cable at the insured’s stand at an industry conference.

Clinical Trial Insurance

Clinical trial insurance provides compensation in the event of physical damage to the patient through the clinical trial as well as in the events of health impairment and death. A clinical trial commonly forms part of all medical research programmes.

Directors Insurance

Otherwise known as directors and officers insurance, the cover can offer protection to the individual's personal assets should they become the target of an allegation or regulatory investigation.

Employers Liability

Employers' liability insurance is a compulsory legal requirement for any business that has employees. The cover plays an important role ensuring that businesses can meet compensation awards that arise in the workplace.

How can a life science insurance broker assist?

Life science insurance is complex and specialist which is why it calls for the expertise of an insurance broker to help understand your business and the risks you face and match your needs up with the cover provided by the right insurer. Life science brokers will have a wide breadth of knowledge when it comes to understanding how the risks you face can be covered by insurance, and those which cannot. A good insurance broker will have access to a wide range of insurers and will use their knowledge of insurer appetite to build a tri-party relationship between insured, broker, and insurer.

Claims support

As well as the placement of the insurance it is important to use a broker who can help you when the worst happens and you need to make a claim, as these can be challenging and complicated, but an experienced broker can help you prepare the information you need to make the claim and support you until the claims are settled.

Why is efficacy cover as part of your product liability insurance important?

Efficacy insurance or 'failure to perform' cover is an important part of a product liability insurance policy as it protects you against the legal liability for injury to third parties, or damage to third party property when a product or service you supply fails to perform its intended function.

This type of cover may be a requirement if you are working in the medical sector and want to work with customers like the NHS or well-known pharmaceutical brands.

How much does life science insurance cost?

What additional insurances are there for life science companies?

Cyber Insurance

Network and security liability as a result of a data breach or cyber attack and have significant financial consequences for your business.

Intellectual Property Liability

Can assist your business defend itself against claims for intellectual property infringement, some policies can also pursue other companies.

Medical Malpractice

Indemnity cover for healthcare related services may require medical malpractice to ensure protection whilst offering medical treatments.

Speak to an expert life science insurance broker about your individual company needs

Package cover can start from £450 per year for the essential protections

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© 2023 Get Indemnity is the trading name of Insurance Direct Group Solutions Limited authorised and regulated in the UK by the Financial Conduct Authority (FRN 802038). This can be checked on the FCA financial services register by visiting the FCA website https://www.fca.org.uk or contacting the FCA on 0800 111 6768. Insurance Direct Group Solutions Limited is registered in England under company number 11078405. Registered office: The Minster Building, Great Tower Street, London, EC3R 7AG.