LIFE SCIENCE

RISK EXPERTISE

Your passion is developing lifesaving or life extending products to prevent, treat or cure disease. We support your company’s development by delivering specialized insurance and risk management solutions that minimize loss potential, and protect your bottom line from the financial consequences of an insured loss or lawsuit.

FAQ

Do Life Sciences businesses need insurance?

 Yes, pharmaceutical and nutraceutical businesses have a lot to protect.  They need insurance to protect their property, equipment, vehicles, stock, employees, as well as third party liabilities.

What are some notable risks facing Life Sciences businesses?

• General Liability: Products liability are severe due to the potential for bodily injury, including sickness and death, to consumers of finished products. Quality control at all phases of the operation from research and development to packaging is critical to reduce the exposure to injury. 
• Property Damage: Manufacturing using raw materials and warehousing of finished goods are notable. Due to the sterile conditions that must be maintained throughout the process, even a small fire can result in a total loss of stock. Office equipment can be susceptible to ignition sources such as electrical wiring, heating and cooling equipment, and overheating of machinery.
• Employee Injury: Pharmaceutical and nutraceutical businesses need to protect themselves from the costs associated with employee injuries from production machinery, burns, cuts, heavy lifting, among others. Ergonomically designed work stations can help prevent repetitive motion injury.  Ingredients may be toxic or caustic, with a high potential for injury to eyes, lungs, or skin.
• Automobile: Risk can be high if manufacturer transports raw materials or finished products. Drivers may be required to have Haz Mat licenses.  Sales representative may do significant driving as part of their day to day business.  Written procedures should be in place to ensure proper usage of vehicles.

Which insurance coverages are needed for Life Sciences businesses?

Insurance coverages needed for Pharmaceutical and Nutraceutical businesses include (but not limited to) Workers Compensation, General Liability, Property, Business Income and Extra Expense, Employee Dishonesty, Inland Marine, Umbrella, Employment Practices Liability, and Auto including Hired and Nonowned Auto.

How much does insurance cost for Life Sciences Businesses?

Insurance premiums for Life Sciences businesses will vary based upon several factors.  Each policy is rated on different exposures which may include payroll, revenue, product type, property value, location, driving record, claims history, among others.

How do I purchase Life Sciences business insurance?

Biscayne Risk & Insurance Group can help guide you through the insurance buying process.  Contact us at 561.571.1001, quotes@biscaynerisk.com, or via the contact form below.