Life Sciences Insurance
A suite of Life Science Insurance covers that compliment your business and its development stages, dovetailed to ensure you are appropriately protected.
Life Science Insurance is an important tool in your journey from start-up to commercial enterprise.
The UK’s health service, pharmaceutical, medical technology, and care anywhere service models are evolving at pace. It’s an exciting time though, as new technology supports the advancement of new therapies and ways of caring and educating in the UK, and overseas.
The speed of advancement does not mean you are immune to risk. In fact, you could argue that existing infrastructure, contractual complexity of investment and go-to-market strategies, and increased regulation give rise to the risks of R&D disasters, production delays, litigation, product contamination, jurisdiction or regulatory action, or device or drug failures.
To support this, our dedicated Life Science team have knowledge of insurance products that can accommodate a variety of Life Science businesses at start-up and R&D stages, through to clinical revenue-generating enterprises and those that are public, with the aim of mitigating the financial impact should a claim arise.
We can help you navigate through the differing cover restrictions to ensure the cover obtained is the most suitable for you and the stage your business is at.
What does Life Sciences Insurance cover?
We can arrange tailored bespoke policies for our clients. That means we’ll dig deep into the details of your business, and deliver an insurance programme that’s suitable for your business and its stage of development.
Product Liability Insurance
If products you use or recommend cause damage or harm, you can face claims for compensation. Product liability insurance will cover any pay-outs should a claim prove successful.
Professional Indemnity Insurance
Commonly known as PI insurance, offers financial protection should a client sue you if you give poor advice or do something that results in financial or reputational losses.
Public liability insurance
If a member of the public is injured or their property damaged while on your premises, you can be held liable. Public liability insurance will protect you financially should you be sued for damages.
Clinical Trials Insurance
Clinical trials cover shields you against your legal liability for injury to research subjects and damage to their property.
Cyber Insurance
A cyber insurance policy helps pay for financial losses they may incur in the event of a cyberattack or data breach. It can cover costs related to the remediation process, such as paying for the investigation, crisis communication, legal services, and refunds to customers.
Directors’ and Officers’ Insurance
D&O insurance reimburses the defense costs incurred by board members, managers, and employees in defending against claims made by shareholders or third parties for alleged wrongdoing. D&O insurance also covers monetary damages, settlements, and awards resulting from such claims.
Intellectual Property Insurance
Intellectual Property Insurance offers protection against alleged infringement by you or a third party of Intellectual Property (IP) rights, including patents, trademarks, copyright and trade secrets.
Supporting Your Industry
Biotechnology Insurance
Compliance and cyber protection for payment platforms
and BaaS providers
Pharmaceuticals Insurance
CProtection for businesses
driving environmental
impact.
Nutraceutical & Supplement Companies Insurance
Insurance that supports
disruptive software
enterprises
Medical Devices Insurance
Compliance and cyber protection for payment platforms
and BaaS providers
Questions?
Ready to protect your scale-up with insurance that matches your ambition? Contact us today to start a conversation. Let’s build a insurance roadmap that powers your growth and reflects your values.
What is the meaning of Life Science Insurance?
When creating a Life Science Insurance policy which covers your risks, we take the time to understand your business, where you are in your lifecycle and development stages and the type of work you are undertaking. It’s only then, can we advise you on the insurance covers you may need to ensure that your business has the suitable Life Science Insurance cover in place.
Our team specialises in solutions tailored to the unique perils faced in a variety of Life Science segments:
- Medical product and equipment manufacture and distribution.
- Medical devices and supply companies.
- Pharmaceutical manufacture and distribution.
- Contract manufacturers.
- Biotechnology companies.
- Companies conducting clinical trials.
- Laboratories and clinical research and development facilities.
- Nutraceutical and food supplement companies.
- Research parks.
- Science accelerator platforms.
What does Life Science Insurance cover?
Life Science is a broad area which covers business in Pharma, Medical Devices, Wearable devices, Medical Tech, Clinical Trails, Research and Contract Manufacturing.
Across these industries your largest risks are typically product liability, professional indemnity and alleged intellectual property infringements, aside from the normal business risks of theft, employee issues and business interruption.
Life Science products and services are most often related to the health sector where a person could be injured or property damaged if your product is faulty or your advice is not up to scratch.
What Our Clients Say...
How we make it possible
We listen, we understand and we advise.
As one of the UK’s fastest growing insurance brokers, Jensten Insurance Brokers, is an award-winning broker with specialist advisers across multiple classes of insurance cover and sectors. Our track record of delivering for clients makes us a leading choice.
We also strive to be an employer of choice, giving our clients access to passionate, talented advisers, and our people an enjoyable and rewarding career.
News & Insights
Life Sciences Insurance FAQs
Life Science Insurance provides essential protection for companies operating in the life sciences industry, including those involved in the research, development, and distribution of health, pharmaceutical drugs, and medical-related products and services. This encompasses specialised insurance coverage such as MedTech insurance, pharmaceutical insurance, and clinical trials insurance.
Life sciences companies face unique risks that vary depending on their stage of development. Your risk exposure, and the insurance coverage required, will evolve as your business progresses through different phases.
A comprehensive Life Science Insurance programme is modular and scalable, designed to adapt alongside your company’s growth. Working with a Life Sciences Insurance broker who has a deep understanding of the complex risks faced by life sciences organisations is critical. They can tailor coverage solutions that align with your business operations, regulatory compliance, and international exposures.
A core suite of tailored products typically includes Professional Indemnity, Public and Employers Liability, Office and Contents Insurance, and product liability coverage.
Additional specialized coverage options may include:
- Product Liability Insurance
- Medical Device Insurance
- Clinical Trials Insurance
- Medical Device Manufacturing and Distribution Insurance
- R&D Insurance for Start-Up Organisations
- Intellectual Property Insurance
Jurisdictional considerations can create potential exposures if insurance covers are not arranged correctly. Our Life Science brokers work closely with you to understand your business model, customer base, product development lifecycle, and go-to-market strategy. This consultative approach ensures your insurance programme is structured appropriately to address international markets and regulatory requirements.
It protects against key risks such as product liability, professional liability claims, intellectual property infringements, as well as general business risks including theft, bodily injury, and business interruption. This insurance also addresses the distinct risks faced by life sciences companies, including those related to clinical trials, regulatory compliance, and potential exposures from research and development activities. By providing comprehensive coverage, it helps ensure business continuity and safeguards against financial losses arising from complex risks inherent in the life sciences sector.
