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life science start up insurance

Life Science & Technology start-up insurance solutions

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.

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What Can Life Science Start-up Insurance Include?

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.

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Life Science start-up insurance questions

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.

Start-up insurance essentials

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:

  • Asset protection – cover for your business contents, laboratory equipment, computers and work in progress.
  • Business Interruption – Protection for loss of research expenditure or increased costs of working following loss or damage to your business assets.
  • Employers’ and Public Liability – Employers Liability is a statutory requirement and covers both your legal defence costs and legal liability to pay compensation to employees injured at work. Public Liability covers both your legal defence costs and your legal liability to pay compensation to third parties for bodily injury or damage to their property.
  • Product Liability – protects your legal liability to compensate people if they are injured or if their property is damaged because of products you provided to them.
  • Directors & Officers Liability – Covers both legal defence costs and the personal assets and wealth of all directors and officers of the company against litigation for wrongful acts from a wide variety of sources including shareholders, employees, investors, governmental and regulatory bodies, customers and suppliers.
  • Key Person Insurance – If you lose a key member of your team, it could have a devastating effect on the business. You may experience a loss of confidence in your business from staff, shareholders, investors, customers and suppliers. With Key Person Protection the business will receive a financial payout that can help to shield the business form this risk. Cover can be arranged for either Death of a Key Person only or Death and Critical Illness.
  • Data and Cyber Risk Insurance – if your business relies on data and/or technology, then you need to know your business is protected from the ever present risk of a cyber attack or data theft.
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