Life Sciences Insurance in New Hampshire
What is Life Sciences Insurance?
Though there is not a specific Life Sciences Insurance policy, there are commercial insurance products specifically designed to meet the needs of businesses within this field, including:
- Academic research
- Medical device manufacturers, distributors, and component manufacturers
- Pharmaceutical manufacturers and distributors
- Biotechnology
- Digital health companies including healthcare information technology companies and telemedicine technologies
As Life Sciences encompasses many different risks, it is essential to work with an agency that can offer insurance solutions to help protect your business.
What Coverages Are Available Through Life Sciences Insurance Policies?
The exact coverages that Life Sciences insurance offers can vary and typically be customized, but there are coverages that policies commonly make available as optional or standard protections. Some of the more common coverages include:
- Commercial Property Insurance, which may cover the building and property owned/used in the business
- Business Income may cover a company's loss of income due to a slowdown or temporary suspension of operations due to a covered loss of physical property.
- Commercial General Liability may cover against claims of liability for bodily injury and/or property damage as a result of business operations
- Medical Malpractice
- Coverage for Products and Clinical Trials
- Errors & Omissions
- Cyber Liability which may cover the financial loss resulting from a data breach or other cyber event
- Equipment Breakdown Coverage, which might cover breakdowns of essential equipment
- Commercial Auto for the cars, trucks or vans registered in the business name and used for commercial purposes
- Commercial Umbrella may provide extra liability coverage to help pay costs that exceed other policy liability limits
- Workers' Compensation provides wage replacement and medical benefits to employees injured during the course of employment
HPM Insurance can help businesses determine what protections are appropriate for their situation, whether a small start-up to a multinational firm.
Is My Business a Fit for a Life Sciences Policy?
Given many life sciences companies have higher risks than many businesses, including errors and omission with research, product liability with manufacturing, and cyber threats with sensitive data subject to HIPPA laws, having the right insurance is critical.
Many insurance companies shy away from such risks, but HPM Insurance has partnered with a carrier that specializes in Life Sciences, especially:
Medical device companies, including diagnostic, therapeutic, monitoring and/or surgical devices.
Digital health companies including patient portals, electronic health records software, e-prescription software, software/hardware providing clinical decision support, and telemedicine/telehealth
Contract research organizations (both preclinical and clinical) and research institutes
Pharmaceuticals including human clinical trials or FDA approved drugs that are designed to treat specific diseases or conditions with smaller patient populations.
How Can Life Sciences Companies in New Hampshire Get Insurance?
For help insuring a life sciences business in New Hampshire, contact the independent insurance agents at HPM Insurance. Our agents have experience in this area of insurance, and we’re ready to help you find a robust life sciences insurance policy.
