Life Science Insurance

Life Science Insurance programmes that support medical innovation

We can support everything from small university spin-out projects and new businesses through to R&D laboratories, drug development companies, and established medical technology business with Life Science insurance programmes that navigate complex risks. 

The world of life sciences rarely stands still for very long. Innovative new developments in research and technology or additional regulatory burdens may mean that your business needs to pivot and adapt in response to ongoing changes.  

As such, you need an insurance broker able to guide you through the risk landscape and provide the right combination of policies to suit your needs. 

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What is Life Science Insurance?

Life Science Insurance is a package of policies designed to protect businesses operating in the Life Science space. 

The options within the policies are specifically tailored to the circumstances of life science companies, regardless of whether you are involved in medical product and equipment manufacture, distribution, pharmaceutical manufacture and distribution, contract manufacturing, biotechnology companies, and companies conducting clinical trials.  

A Life Science policy can typically provide for a range of different risks and covers, including: 

• Liability covers including Public Liability, Employers Liability, Product Liability and Recall, and Clinical trials  

• Property covers, including premises, assets (both physical equipment and intangible assets like Intellectual Property 

• Professional Practice, Business and Management related covers including Business Interruption, Directors and Officers (or Management Liabilities), Professional Indemnity, Medical errors, and cyber risks.  

Whether you’re conducting ground breaking clinical research, developing new drugs or building essential medical equipment, each package is tailored to your operations. 

Why choose us for Life Sciences Insurance?

Having arranged insurance for life sciences businesses in the UK and Internationally, we understand the nuance of your sector and the stages in which you will grow.  

Our experience navigating clients through their stages of development means we are perfectly placed to plan your insurance strategy and provide the appropriate insurance programme to run alongside your business, taking into account investment, product development , clinical trials, jurisdictional and contractual/licensing issues, pre-clinical and post-clinical studies, and eventually exit, M&A, or IPO.  

Many off-the-shelf products are not suitable for Life Science businesses as they don’t take into account your unique activities. That’s why you need to work with a broker who understands your sector and has the right partnerships with insurers, which we do.  

• Personal, proactive service - ensure your insurance strategy and programme runs in line with your business life cycle 

• Risk management advice – Mitigate risk to you and your business through risk management advice 

• In-house Claims team - If something goes wrong, our dedicated in-house claims team are ready to help.  

• Partner insurers that are specialist Life Science insurers, with Life Science Insurance products suitable for businesses of all sizes. 

What is considered a life science company?

Life Science businesses comprise companies operating in the research, development and manufacturing of pharmaceuticals, biotechnology-based food and medicines, medical devices, biomedical technologies, nutraceuticals, cosmeceuticals, food processing, and other products that improve the lives of people, animals and organisms. 

Each business is different and so our Life Science Insurance experience extends to multiple sectors mentioned above, with particular exposure to: 

• Pharmaceuticals 

• Nutraceuticals 

• Biopharma 

• Medical Devices 

• Biotech 

• Vaccines 

• Research and Development 

• Clinical Trials 

• Contract Research Organisations 

• Contract Manufacturers 

• Veterinary products 

• Cannabis and psychedelics 

What is the meaning of life sciences insurance?

Life sciences insurance products and services are designed to fit businesses at every stage of their development cycle.  

Whether you are a start-up or research and development stage and need a ‘simple’ programme of insurance to cover the basics of public liability, employers' liability, and contents, to more complex covers such as Product Liability, Directors’ and Officers’ Insurance, Intellectual Property and Cyber Insurance, as you start to develop your offering, services and funding requirements.   

Our Life Science Insurance team is with you every step of the way, tailoring your insurance programme to suit your circumstances.  

Typical Life Science Insurance claims scenarios

Life Science businesses may face a variety of claims scenarios, which may require legal defence and compensation. 

• Product Liability claim for failing to include the adequate warnings, causing fire and burns.  

• Insured medical device representative is alleged to have provided insufficient information to a patient regarding known potential complications.  

• Insured is sued based on allegations that their product was not properly tested resulting in illness/injury.  

• The insured business is hacked by cybercriminals, disrupting its service to patients and patient data is also stolen. 

What other insurance services can One Broker provide?

In addition to your businesses Life Science Insurance, we also have specialists in employee benefits and high-net-worth personal insurances.