Organisations working in the life sciences industry perform vital, highly specialised tasks. The work of some organisations in the industry—such as biomedical companies discovering and testing new drugs—takes years to come to fruition.

Life sciences companies create essential, specific products with perilous paths to market. Manufacturing such highly specialised products requires equally specialised insurance to protect your business from the unique threats to the life sciences industry—most of which are not covered under typical commercial policies.

What type of Insurance cover does my business need?

Because the life sciences industry encompasses such a diverse range of organisations, most insurers offer life sciences and biomedical insurance as a bespoke policy. Insurers will usually help customers craft a bespoke policy that suits their needs by offering a wide variety of main covers, including the following:

• Public liability: Public liability covers your legal liability for injury to third parties and damage to their property resulting from your business’ operations.
• Products and services liability: This cover indemnifies your business against its legal liability for injury or damage arising from its products or services. As a company that helps develop and test products for the public, this cover is essential.
• Employers’ liability: If you have any employees, you must purchase employers’ liability cover (unless you fall within very limited exceptions), which covers your legal liability for any employees claims of injury and illness.
• Property damage: Property damage can cover your buildings and contents against accidental damage including theft. Depending on your business, this cover may be essential.
• Clinical trials: This can provide cover towards certain types of trials, suspended or terminated trails, excluded research subjects, continued use of products, circumstances known at inception, certain specified diseases and retroactive date.
• Business interruption: Cover towards loss of revenue, gross profit, rent receivable, research and development expenditure, research and development payments, increase in cost of working, additional cost of working for an agreed period due to interruption in your business following damage which is insured.
• Directors and Officers Liability: This can but not limited to covering, employment disputes, claims following from a takeover or merger, any claims against the directors or officers and admitted or proven dishonest, fraudulent or malicious conduct.
• Intellectual property: For companies involved in developing new products, intellectual property cover is a must—it protects them from copyright, trademark or patent infringement claims

Get in touch for a no-obligation quote

As a life sciences business, you need comprehensive insurance protection to safeguard against the risks that a normal commercial insurance policy will not cover. Get in touch with us for a no-obligation discussion of your Life Science and Biomedical Insurance requirements – we aim to find a policy that meet the requirements of your business and research.

Get in touch with our team of specialists today to discuss your insurance requirements and find out how we can help your business today, call us on 01527 3061041