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Tech & Life Science

The Tech & Life Science industries are rapidly growing, with new risks and considerations changing all the time. From cyber attack threats to medical device insurance, there are lots of things to consider when properly insuring your research and business. 

Businesses within the Research and Development sector, or a company whose business is currently in this phase; we can assist you with insurance protection by providing access to market leading policies providing the required protect you need during the development process.

Your R&D may involve clinical trials - a Clinical Trial specialist insurance policy will offer insurance protection for both Negligent Harm and Non-Negligent Harm:

Negligent Harm:

Legal costs, expenses and compensation awarded to the trial’s participants as a result of negligence or a lack of due diligence.

Non-Negligent Harm (no-fault): 

Indemnifies the policyholder for compensation to participants who have suffered harm as a direct result of the clinical trial.

Clinical trials are a fundamental part of research and development, and the success of trials are critical to sponsors and investors. Insurance can cover additional expenses and costs within a trial or in the event of an injury

Insurance protection, support and advice for Life Science and Technology businesses can be difficult to find and when you find it, can be very expensive or even inadequate; It is vital therefore to find an insurance broker that understands the marketplace. Read more below about just some of the things we offer to our clients in the Tech & Life Science industries.  

Read our Tech & Life Science brochure:

View Brochure

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Medical Device (Products) Liability Insurance can protect your company against claims for injuries and damage as a result of the use of your products. Medical devices cover a wide spectrum of products from medical consumables through to orthopaedic implants. Each of which possesses its own risk characteristics.
Professional indemnity protection is insurance that covers you for costs if you make a mistake in a piece of work for a client which causes them financial or reputational loss.
Helps to protect your business if a claim is made against you, e.g. if something happens at the workplace which results in injury to a customer, a member of the public or damage to someone’s property. It aims to protect your business against the cost of legal claims people make against you, if you’ve done something that’s resulted in a legal action. For example, if you sell goods that have caused injuries to a customer and you’re found to be at fault, then public liability cover will help go towards the cost of compensation and legal fees.
Product liability insurance offers protection if a product that you manufacture, sell, install, repair or alter causes injury or illness to a customer, or damages their property.
Coverage designed to replace income lost if the business is affected following direct physical loss or damage, such as might be incurred by a fire, theft or flood. This type of insurance also covers operating expenses, a move to a temporary location, if necessary, payroll, taxes, and loan payments.
Helps your business defend itself against claims of IP infringement and can help you pursue those who are infringing on your patent, copyright or trademark. The policy provides two distinct sections of coverage Infringement & Pursuit Intellectual property insurance protects inventors and companies if they're sued for infringement by another company. The most common type pays for legal fees and monetary damages if you're found guilty of intellectual property infringement. Pursuit policy insurance is another form that helps pay expenses if you need to pursue an action against another party for intellectual property infringement.
Malpractice insurance is a form of professional indemnity/liability insurance which is more specifically purchased by healthcare professionals. Coverage protects healthcare providers against suits filed by patients alleging harm caused by the professional's negligence or intentionally harmful treatment decisions, including death of a patient.
Provides extensive protection following breaches of confidentiality, loss of personal data and financial loss. This product enables businesses to mitigate the risk of cyber-crime activity such as ransomware, cyberattacks and data breaches. It will assist with Risk Management and the cost of internet-based threats affecting IT infrastructure, information governance and information policy; all of which are more properly covered by a Cyber Insurance Policy than a traditional insurance policy. Businesses can also be liable for the damage caused by the loss or theft of third-party data (eg: your customers / clients’ information). A cyber insurance policy can indemnify you against the result cyber events, including acts of cyber terrorism, and help with the remediation of security incidents.
As your business develops the opportunity to access markets worldwide will often become a reality. An insurance policy that provides worldwide jurisdiction and continued protection as your business expands will be required, many of our policies either offer this coverage as standard or can easily be extended to include this vital protection.