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Entries close 31 March 2021.
Operating a start-up business in the life science, technology, pharmaceutical, healthcare or medical devices industry is challenging.
Having the right insurance cover in place so that early stage research can take place is crucial. These are specialist industries with unique challenges. You need advice from experts that specialise in this area of insurance.
Your company’s needs will be unique and determined by the nature of the business and work being carried out – which will change over time. You need a life science or technology insurance solution that is designed to meet your needs from day one – but is flexible and can be adapted as your business grows.
For any company starting out, there will be essential insurance cover needed, such as Employer’s Liability as well as Public and perhaps Product Liability. But for a life science or pharmaceutical start-up, there will often be additional requirements, such as cover for R&D, laboratory and/or computer equipment as well as key person cover for the directors or key individuals.
The risks faced by a life science, pharmaceutical, healthcare, medical device or technology company can vary greatly – especially in early phases of development. At FOCUS, we have significant experience and expertise in arranging insurance solutions for these industries, right from start up to organisations with a global presence.
We will work with you to design an insurance package to suit your specific needs from day one. As your business changes and develops, we’ll be on hand to review and amend your insurance arrangements and provide ongoing advice and solutions.
Whether you’re involved in research and development, producing medical devices, or a start-up business in the pharmaceutical or technology industries, we can design an insurance package to suit your specific needs.
Cover can be provided for your business whether you’re working from an office or laboratory, have a manufacturing , warehouse or storage facility. Often life science start-up companies are based in laboratories or offices that are part of a university or science park and therefore insurance needs will differ.
Both Directors and Officers Liability Insurance (also known as D&O) and Key Person insurance are very common requirements for early stage funding. D&O protects against claims made against directors or officers of a company arising from any decision made or act carried out by them. Key Person insurance protects against the loss of profits that could result from the critical illness or death of a key individual (often a director or the brains behind the business), by paying out a cash sum so that the business can continue to operate.
The following are key considerations for any start up or emerging business – but particularly important for companies operating in the life science, pharmaceutical, medical device, healthcare or technology industries: