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Life Sciences

  • Tailored advice from experienced brokers
  • Comprehensive insurance account management
  • Customisable insurance solutions and packages

 

 

 

 

 

Specialist insurance brokers for life science companies and clinical trial based organisations requiring complex insurance programs.

Life Sciences

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Specialised solutions for the life science industry

What Is Life Science Insurance?

Life science insurance is designed to address the unique and high-risk challenges faced by companies in the life sciences industry.

As a specialist life science insurance provider, KBI offers tailored solutions to protect life sciences businesses from key industry risks. Our expertise ensures that your business is safeguarded in this complex and dynamic sector.

01

Claims from Participants of Clinical Trials

02

Bodily Harm Caused by Product Malfunctions

03

Financial Loss Related to Errors or Omissions

04

Patent Infringements

05

Privacy Breaches

why you need life science insurance

Why Do I Need a Specialised Life Science Insurance Program?

Businesses in the life sciences industry need to take insurance seriously. They are offering complex products and services in a heavily regulated industry. Often, small mistakes result in large losses.

The best way to protect your life sciences business is by working with a specialist broker — like KBI. We have a mix of industry and insurance knowledge. We can give you expert advice on the risks associated with your business, and work to protect you from them.

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Who Is Life Science Insurance For?

01

Research & Development

  • Biotech R&D
  • Non-clinical research
  • Clinical research
  • Medical device development
  • Drug discovery and development, including products based on proteomics, genomics, and molecular level disease studies
02

Manufacturing

  • Medical devices
  • Prescription pharmaceuticals
  • Laboratory equipment used for developing drugs and medical devices
  • Over the counter pharmaceuticals
  • Health supplements
  • Veterinary treatment products
03

Testing & Trials

  • Pre-clinical testing
  • Analytical testing
  • Human clinical trials
  • Rodent clinical trials
04

Support Services

  • Site management
  • Consulting
  • Packaging
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Need Help Understanding the Type of Coverage You Need or Don’t Know Where to Start?

Our team is ready to help you understand your risks and find the right coverage to ensure your business is fully protected.

Don’t leave your business vulnerable to the risks in the life sciences industry – Contact the team at KBI to discuss your life sciences insurance needs and get a customised quote today.

What Does Life Science Insurance Cover?

Key coverage areas for life science businesses.

Below are the primary coverages and common extensions tailored for life science companies.

Main Sections of Cover

General & Product Liability

This section covers costs that you are liable to pay due to third-party injury or property damage. It includes claims that result from product failure and day-to-day business activity.

Clinical Trials

This section covers compensation for the bodily injury of clinical trial participants. You can extend coverage to include no-fault compensation — for cases where the injury is not related to your negligence.

Cyber & Privacy Insurance

This section protects you from financial losses related to cyber-attacks. It can include data loss and costs associated with mitigating the impact of an attack.

Patent Issues

This section covers legal costs related to patent infringement allegations. It includes allegations that you make as a patent holder and allegations that other patent holders make against you.

Privacy Breaches

Health information has strong legal protections. This section covers legal fees, fines and other costs related to unintentional data breaches.

Errors & Omissions

This section covers financial losses incurred by a third-party as a result of your unintentional mistakes. It can include contractual breaches, accidental omissions and negligence.

Common Coverage Extensions

Reputational Damage

Covers financial losses and recovery efforts when a business’s reputation is harmed, whether due to product recalls, public relations crises, or negative media coverage. This can include costs related to public relations management and brand restoration.

Crisis Response

Provides immediate support for managing unexpected events that threaten business operations or public perception. It includes expenses related to legal assistance, public relations strategies, and operational adjustments needed to manage the crisis and mitigate further damage.

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Why Life Science & Clinical Trials Organisations
Choose KBI for Life Science Insurance?

01

Risk-Based Insurance Program Design

  • We can guide the process to identify and quantify corporate and operational risk profiles. 
  • We help assess or determine risk appetite.
  • We assist in commercially testing insurance options (cost vs benefit analysis).
02

Program Placement

  • KBI leverages both local and global insurance markets to ensure the best outcomes for clients.
  • KBI provides contract review services to understand fair apportionment of risk allocation to third parties to better protect the insurance placement.
  • KBI has the access and flexibility to engage third party specialists who are suited to clients individual needs.
  • We can work to tailor policies with agreed endorsement wordings and/or bespoke policy wordings to ensure broadest coverage is achieved.
03

Streamlined Client Service

  • KBI is wholly owned by its employees and directors, giving brokers a genuine “care factor” towards clients.
  • Pro-active industry-specialist brokers who are hands on, keep abreast of industry news and focus on proactive advice and service to ensure client’s insurance strategy remains suitable to changing needs.
  • Advice driven, not transactions – our model is based on partnership and providing expert advice, guiding our clients along our journey together.
04

Claims Management/Advisory

  • Dedicated in-house claims management team (including the placement broker), to streamline and simplify the claims process for our clients.
  • We partner with leading loss adjusters / solicitors, agreed at the time of placement, not at claim time.
  • We can help to have policies in place to include claims preparation costs, advancement of defence cost to aid clients during time of need.

Claims Examples

01

Labelling/Pharmaceutical

There is a labelling error at your pharmaceutical factory. High-dose pain medication is put in low-dose packaging.

 

  • Event: A consumer overdoses and sues you for medical costs.
  • Section of cover: General & Product Liability — Bodily Injury.

 

  • Event: News networks pick up the story.
  • Coverage extension: Reputational Damage.

 

  • Coverage extension: Product Recall.
  • Event: The Government or a statutory body order a product recall.
02

Clinical Trial

Your company creates the participant screening questionnaire for a clinical trial. A critical medical-history question is missing.

As a result, the trial admits several unsuitable candidates.  Some participants are at significant risk of complications.

 

  • Event: You are sued by the company who hired you for the cost of repeating the trial.
  • Section of cover: Errors and Omissions — Third-Party Financial Loss.
03

Cyber & Privacy

A cyber attacker breaches your systems. They steal the raw data from a recent clinical trial, including participant names and dates of birth.

An investigation finds that your company has not met requirements around storage of personally identifiable data.

 

  • Event: You hire a specialist to recover the data.
  • Section of cover: Cyber Insurance.

 

  • Event: The data breach results in fines and a lawsuit from affected parties.
  • Section of cover: Privacy Breach.

 

  • Section of cover: Notification Costs.
  • Event: You report the breach to the OAIC
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What’s Next?

Our team is ready to help you understand your risks and find the right coverage to ensure your business is fully protected.

Don’t leave your business vulnerable to the damage of an attack–Contact the team at KBI Insurance to discuss your life sciences insurance needs and get a customised quote today.

Added Value

Key Areas of Value-Add Services

We’re specialists in life sciences insurance.

Our experience and understanding of the industry allows us to provide added value to our partnership to help ensure your risks are always managed.

risk management

Risk Profiling

negotiation brokering

Negotiations & Brokering

coverage analysis

Coverage Analysis

limit analysis

Limit Analysis

insurance audits 1

Insurance Audits

contracts

Contractual Reviews (Insurance Requirements)

life sciences insurance policy coverage

Why Work With KBI?

KBI’s specialist life sciences insurance team has expert knowledge of insurance, risk management and the technology sector.

They leverage this knowledge along with KBI’s networks and strong industry relationships to create custom insurance solutions specific to each firm’s needs. We keep our customers informed every step of the way. We provide expert recommendations and are always on hand to help them make informed decisions.

Quote Requirement

Please complete this Proposal Form and return to our brokers below to arrange a Life Science Insurance quote. (Download Here)

meet the team

Life Sciences Insurance Team

Get to know the talented individuals behind KBI.

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Nick George

Director

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Gilbert Chionh

Account Manager

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Travis Kenzle

Managing Director

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Lachlan Stretton

Director

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Life Sciences

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