Insurance for Life Science Companies

Life science companies, both large and small, face a wide array of risks unique to the industry. In this article, you can find information regarding why life science companies need insurance, some of the common coverages you may want to consider, and what getting a quote entails.

Why Have Insurance in the Life Sciences Industry?

Life science companies can face a large variety of risks – the possibility of your product causing injury to a customer or being involved in a recall, cyber threats, the risk of loss or damage to your company’s offices or property, and much more. Having a robust insurance program can help to mitigate the financial threat that such risks can pose to your company. Who Needs Life Science Insurance?

The life science industry can encompass a wide variety of businesses, including but not limited to: Medical Device Manufacturers
Pharmaceuticals
Biotechnology
Biomedical Technologies
Clinical Researchers
Food Processors
And more

All companies engaged in the life science industry should thoroughly examine their insurance program. If you have questions or would like to explore your options, contact one of our local offices today.

Common Coverages Life Science Companies Ought to Consider

There are a number of different insurance coverages that every life science company should consider, including without limitation:

Professional Liability

Professional liability insurance, sometimes referred to as errors and omissions (E&O), can provide coverage for claims that arise out of professional errors and omissions by you or your employees.

Product Liability

If your company manufactures or sells products such as medical devices or consumable items, etc., product liability insurance can potentially cover claims related to defects that cause injury or property damage.

General Liability

General liability insurance helps to provide businesses with protection for certain third-party liability claims related to your business operations, such as someone who suffers bodily injury or property damage while on your premises.

Commercial Property

Whether you own or lease the building you operate in, commercial property insurance is highly recommended. The following are some of the assets commercial property can help insure:

Your building
The furniture inside, such as desks, chairs, tables and other common office amenities
The equipment that your business runs on, like medical instruments and tools, computers, and other office supplies
Outdoor signage, banners, and other materials
Certain landscaping components

Business Interruption Insurance

Things happen, and if your business is forced to pause operations due to a covered loss, business interruption insurance can help to replace a portion of a business’s income.

Cyber Insurance

Life science companies can face a wide array of cyber threats. Cyber liability insurance is an important coverage to consider, as it can help in the event your or your customer’s sensitive data is stolen or exposed.

Workers’ Comp for Life Science Companies

If your company has employees, you may be legally required to provide workers’ compensation. In the event an employee becomes ill or is injured due to a work-related event, workers’ comp can help cover their medical bills and even help cover a portion of lost wages while they are unable to work.

Getting a Quote for Your Life Sciences Company

At Cross Insurance, we work with many different insurance carriers ranging from local companies based out of New England to nationally recognized names. To get a picture of what it could cost to insure your life science company, you can request a quote from us, or if you prefer to call someone to start the quoting process, you can find a list of phone numbers to all of our offices here.

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This article is for general informational purposes only and is not to be relied upon or used for any particular purpose. Cross Insurance shall not be held responsible in any way for, and specifically disclaims any liability arising out of or in any way connected to, reliance on or use of any of the information contained in this article. The information contained or referenced in this article is not intended to constitute and should not be considered legal, insurance, accounting or other professional advice, nor shall it serve as a substitute for the recipient obtaining such advice. The views expressed in this article are that of its author and do not necessarily represent the views of Cross Financial Corp. and its subsidiaries and affiliates (“Cross Insurance”) or Cross Insurance’s management or shareholders.