Specialist insurance brokers for life science companies and clinical trial based organisations requiring complex insurance programs.
Specialist insurance brokers for life science companies and clinical trial based organisations requiring complex insurance programs.
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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.
Claims from Participants of Clinical Trials
Bodily Harm Caused by Product Malfunctions
Financial Loss Related to Errors or Omissions
Patent Infringements
Privacy Breaches
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.
Who Is Life Science Insurance For?
Research & Development
Manufacturing
Testing & Trials
Support Services
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.
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.
Why Life Science & Clinical Trials Organisations
Choose KBI for Life Science Insurance?
Risk-Based Insurance Program Design
Program Placement
Streamlined Client Service
Claims Management/Advisory
Claims Examples
Labelling/Pharmaceutical
There is a labelling error at your pharmaceutical factory. High-dose pain medication is put in low-dose packaging.
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.
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.
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.
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)
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