Life Sciences Insurance
Mitigate risk with life sciences insurance protection
Innovation is the lifeblood of medical device, digital health, pharmaceutical and biopharmaceutical companies, and managing risk is critical for lasting success.
Life sciences companies face inherent risks at every stage of development. From safeguarding early-stage clinical trials to protecting expanding operations and ensuring global resilience, choosing a carrier with deep life sciences expertise is a smart way to help minimize the risk of costly disruptions to operations. The right insurance carrier has outstanding claim handling support, life sciences industry expertise and services to help you tailor a risk mitigation strategy to the unique exposures facing your company. Based on your company’s risk profile, your Travelers representative can help you prioritize and choose the most appropriate coverage solutions.
The four dimensions of life sciences insurance protection that matter most:
- Safeguarding innovation: Shield research and development (R&D) with clinical trial coverage and expertise in products liability and complex business disputes.
- Prioritizing employee well-being: Support a safe work environment through hazard identification, ergonomics and travel risk mitigation.
- Bolstering data security: Be ready with cyber insurance coverage that includes pre-breach consultation and data breach response guidance.
- Protecting global operations: Ensure consistent property and liability coverage, executive support services and a global risk management network.
Who is life sciences insurance designed for?
The life sciences industry is a vast ecosystem dedicated to improving human health through innovation. It encompasses a range of companies developing and manufacturing products and services across several sectors.
Medical technology: Tools for diagnosis and treatment
Medical technology focuses on physical tools and equipment used in diagnosis, treatment and patient monitoring. This includes companies that design and manufacture medical, surgical and dental instruments, implants and monitoring devices. Contract research organizations and research institutes also play a crucial role in this sector by providing R&D expertise for medical technology companies.
Pharmaceuticals and biopharmaceuticals: Developing life-saving drugs
Pharmaceuticals and biopharmaceuticals are companies of all sizes that work on developing life-saving drugs and treatments. This includes emerging and midsized firms and companies conducting clinical trials to bring new medications to market.
Digital health: Revolutionizing technology for improved outcomes
The industry is constantly evolving, with digital health playing an increasingly significant role. This sector encompasses companies developing software for electronic medical records, healthcare management and telemedicine. Additionally, medical app developers and healthcare IT organizations are creating tools that leverage technology to improve patient care, communication and overall health outcomes.
Life sciences insurance we offer
Our life sciences insurance products and services are designed to fit businesses at every stage of maturity.
Product liability is a crucial consideration in life sciences. For life sciences companies, product liability insurance is essential. It protects against legal claims arising from harm caused by medical devices, pharmaceuticals and other healthcare products.
Our portfolio of insurance offerings for life sciences companies includes:
- MedFirst®
- Product/completed operations liability coverage
- Technology errors & omissions (E&O) liability coverage
- Product Liability
- Global CompanionSM Plus+
- Property
- Business Auto
- CyberRisk Tech
- Technology errors & omissions coverage
- Breach response coverage
- Cybercrime coverage
- Business loss coverage
- Workers Compensation
- Umbrella
Life sciences claim scenarios
MORE PREPARE & PREVENT
Insights to help you manage risks at work and on the road
Life Sciences Resources
From Research to Revenue: Managing the Pharmaceutical Transition
Learn the challenges our Life Sciences Practice Lead has seen pharma businesses face as they transition from clinical trials to commercialization including scaling manufacturing, off-label concerns, risks of AI.
Life Sciences Resources
Managing Cyber Risk for Life Sciences Companies
Life sciences companies are a growing target for cybercriminals. Learn how to prevent an attack and protect your interests.
Life Sciences Resources
Risks Facing Pharmaceutical Companies, from Trials to Commercialization
As pharmaceutical companies grow and transition to commercial production operations, they can address the risks they face with planning and insurance coverage.
