Life Science Insurance

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 What is life science insurance?

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What is life science insurance?

Life science insurance is a policy specifically designed to meet the needs of life science companies involved in medical product and equipment manufacture and distribution, pharmaceutical manufacture and distribution, contract manufactures, biotechnology companies, and companies conducting clinical trials. The policy will typically provide a range of different liability covers, premises, assets, business interruption, and cyber risks, which can be tailored to meet the specific insurance needs of life science companies.


Do you need a life science insurance broker?

Life science businesses are often complex, the development of new research can be fast-paced, and this requires a great level of skill from your insurance broker and insurer to understand the science associated with your activities and the risks to build the right insurance program for you. 

HealthTech or medical technology insurance is a specialist area that can cover a wide range of activities, including using AI in the diagnosis of patients, virtual health consultations, wearable devices, software, analytics, medical devices or supporting wellbeing choices.

At Get Indemnity we work with a number of the best life science insurance carriers in the market to ensure our clients are confident they purchase the most favourable terms available in the market. If you are a startup business or haven't benchmarked your insurance solution for a while, there are a number of insurers which are willing to compete in this market and favourable quotes for your life sciences insurance can be negotiated.

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Comprehensive life science insurance coverage

Life science businesses are vulnerable to a range of unique and emerging risks including clinical trials, R&D costs, product recall, and contamination risks. Therefore, they need a insurance policy that will cover their needs but also offers a level of flexibility as things change, and a team who have the right experience to help when you need it. The scope for life science insurance claims is huge, with incidents arising from unsafe products to negligence in clinical trials, the risks for those responsible is continually growing. As we live longer, we become more reliant on scientific advancement for products and solutions creating the need for specialist insurance to protect the businesses and recipients. 

 What is life sciences insurance?

Specialist life sciences insurance solutions

Working with the leading specialist life sciences insurers we can provide comprehensive solutions to protect aginst a wide range of risks speceific to the life sciences industry (such as R&D expenditure, Directors and Officers liability, and Product Contamination risks). Tailored policies can be provided to a wide range of professional services, clinical trials and medical device manufacturers and resellers.

Speak to a specialist about your life science insurance requirements

Coverage can start from £450 per annum for small businesses requiring the more basic covers

Insurance is a valuable tool for companies operating in the life sciences industry

Contract Manufacturing

A contract manufacturing organisations are exposed to a range of financial losses when manufacturing drugs or medical devices on behalf of other companies. We can identify package insurance policies to meet your specialist needs.

Medical Devices

Whether you are involved with class 1 or 2 medical devices, implantable, dental, surgical, electromedical, invasive, or the medical software and systems, we can assist with finding the right insurance cover for your business.

Pre-Clinical Research

Contract research organsations (CRO's) face a myriad of risks before treatment can progress to human trials. Proving new medical devices and drugs are safe and effective with effective research can lead to errors and omissions.

Dietary supplements

Whether you manufacture or distribute dietary supplement products, companies are exposed to a wide range of different risks, including products causing bodily injury or products being recalled.


We can assist companies that are specialists in life science R&D, such as consultants, analytical testing services, contract research organisations, clinical research organisations, pre-clinical testing services.

Defective or Faulty Products

Life sciences companies often develop and manufacture pharmaceuticals, biologics, and medical devices. Product liability insurance can offer protection if a product you supplied fails to do what it is supposed to do - for example if a skin product did not include adequate warnings and caused burning to the skin. The coverage can provide for legal expenses, settlements, and judgments associated with claims related to product defects, design flaws, or inadequate warnings.


Clinical Trials Liability

Companies conducting clinical trials for new drugs or medical devices face specific risks related to participant injuries, adverse reactions, or claims of negligence. Clinical trial liability insurance provides compensation in the event of physical damage to the patient through the clinical trial as well as in the events of health impairment and death.


Regulatory and Compliance Risks

Life sciences companies operate in a heavily regulated environment. Regulatory investigations, compliance issues, and legal actions can arise due to alleged violations of regulations. Directors and officers liability insurance can provide protection for regulatory and legal risks by paying for the costs associated with investigations and providing a legal defense.

 Life sciences company insurable risks

Research and Development

The extensive research and development activities in the life sciences industry carry professional liability risks. Insurance can be designed to cover financial losses related to failed trials, delays in product development, or the inability to bring a product to market. Additionally, companies heavily rely on intellectual property, including patents, trademarks, and trade secrets. Insurance can provide protection against the costs of legal action related to intellectual property infringement or misappropriation.

Cyber Risk and Data Privacy

The industry handles sensitive patient data, proprietary research, and confidential information. Cyber insurance is crucial to cover the costs associated with data breaches, cyberattacks, and the resulting legal and regulatory consequences.

Emerging Risks

Life sciences companies face emerging risks, such as gene editing technologies, CRISPR-related liabilities, or risks associated with new therapeutic approaches. Insurance products are a prudent way of mitigating potential liabilities that are not fully considered or unknown at this current moment in time.

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Frequently asked questions

How can a life science insurance broker assist?

Life science insurance is complex and specialist which is why it calls for the expertise of an insurance broker to help understand your business and the risks you face and match your needs up with the cover provided by the right insurer. Life science brokers will have a wide breadth of knowledge when it comes to understanding how the risks you face can be covered by insurance, and those which cannot. 

Why is efficacy cover as part of your product liability insurance important?

Efficacy insurance or 'failure to perform' cover is an important part of a product liability insurance policy as it protects you against the legal liability for injury to third parties, or damage to third party property when a product or service you supply fails to perform its intended function. This type of cover may be a requirement if you are working in the medical sector and want to work with customers like the NHS or well-known pharmaceutical brands.  

What should you do if i need to make a claim on my life sciences insurance?

Speak to your insurance broker in the firstance instance and they can offer guidance on how to proceed next. 

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