Talk to us about your Life Sciences Insurance
Life sciences isn’t your average industry, and this is reflected in the complexity of insurance policies. With everything from Biotech and Health Technology to Microbiology and Chemistry, you need to protect your innovations and trials with an insurance policy that understands the unique risks and challenges of your industry. The truth is, your industry presents unique risks from start to finish, from research through to market distribution.
So, you need insurance that covers each step of the process…
At Barrack Broking, we’re insurance experts, so we navigate your insurance policy with knowledge to ensure that you’re appropriately covered and protected. The intricacies of Life Sciences call for a coverage that doesn’t leave you vulnerable at any stage in the cycle.
The Unique Risks and Solutions:
Life Science solutions are high in exposure to a range of risks. The industry interacts with the public in a way that can be uncontrollable or unpredictable. Standard business or commercial policies can’t cover this sector efficiently, as they have limitations on the way your business interacts with the market and wider audience.
So, what protection do you need for the challenges of the Life Sciences sector?
- Product and Public Liability: Any products that are produced carry risk from the stage of research and development through to post-market distribution, where the effect on the public is unpredictable. So, you require worldwide cover for any bodily injury or property damage that could arise from your product in these markets.
- Clinical Trial Insurance: During clinical trials, it is particularly hard to predict any adverse patient reactions or scenarios of non-compliance. At this stage of the life science process, you can obtain specific coverage that protects from injuries or harm caused to any participants of the clinic trial.
- Cyber Liability: When dealing with sensitive patient data, research results and lab information, you need to ensure that your business is protected from cyber threats and data breaches, as this can lead to severe legal liability.
- Errors and Omissions: Professional Indemnity Insurance helps to protect you from financial loss due to professional advice or service failure.
Who Is Life Science Insurance For?
At Barrack Broking, we’re proud to provide tailored solutions for every stage of your business operations to ensure that you’re sufficiently covered. Our specialised support helps:
- Biotechnology and Pharmaceuticals
- Medical Devices
- Contract Research Organisations (CRO) and Labs
- Digital Health and Telemedicine
Barrack Broking: Why Choose Us?
We’re the experts. When you need to choose an insurance policy that is tailored to cover your business’s specific risks, you want to be sure you’re getting the best. That’s what we’re here for. We leverage our industry expertise and knowledge to navigate the market for you and negotiate the best terms for your insurance policy.
Our relationships and network work for you, ensuring that we customise your Life Science Insurance and secure you comprehensive terms. The best part? We’re here from start to finish. We’ll not only help you choose an insurance policy that benefits your business, but we’ll be here if you need to make a claim, managing the entire process from start to finish.
Reach Out Today
In Life Sciences, you aren’t always in control of impact and effect on the public. Don’t be caught off guard. Protect your business and its operations with one simple insurance policy. Barrack Broking will be there, start to finish, so you don’t need to decide which insurance policy is best for you. We’ll let you know!
Don’t leave your insurance too late. Get started with Barrack Broking today.
FAQ's
Does worldwide coverage for product liability include the US and Canada?
Worldwide coverage typically excludes the US and Canadian markets as they are higher-risk markets. For these markets, you will have to specifically buy back with a larger premium.
When do I need to obtain Clinical Trials Insurance?
You need to obtain clinical trials insurance before participants have been enrolled, and your policy must adhere to the requirements of the Human Research Ethics Committee. (HREC)
Is Intellectual Property covered by Cyber Insurance?
The physical loss of IP data is covered by cyber insurance. However, IP infringement claims are often covered under specialised insurance. To navigate clearly what your business needs protection from, it’s best to speak with our team of experts. We understand your business, so we can tailor our search to your needs.
