Whether they specialise in genetics, neuroscience, or immunology, life science companies have the potential to revolutionise the world around us.
Due to the sector’s high-risk nature, however, there are a number of unique challenges life science companies must be prepared to face.
Scientists working in a laboratory face significant health risks. Strict regulations are necessary to minimise the danger, but can lead to unintentional violations by groups or individuals - a risk all life science companies must be prepared for.
Another risk comes from the research your company produces. R&D is an expensive and time-consuming process, and the data it produces is invaluable. If that data is stolen, leaked, or destroyed, it can be hugely damaging to your company’s finances and reputation. Insurance helps protect your company should its data be compromised, intentionally or otherwise.
Other risks include:
To learn more about how insurance can protect your life science company, don't hesitate to get in touch. We’re happy to discuss your company’s specific needs and vulnerabilities, and can offer expert advice on what steps you should take next.
Taking out the right insurance for your life science company is crucial. Not only will it give you peace of mind, but you and your company will be fully protected should an unexpected incident or crisis occur.
At Lansdowne Woodward, we have two decades of experience sourcing comprehensive insurance cover for businesses in specialist sectors.
Life science companies often require public liability limits of over £10 million. We have access to markets willing to provide this on a single care insurance policy. We can also assist you with specialist Human Resource cover, access to legal documents, updates on legislation, and 24/7 legal advice.
Here are some of the many services we provide:
We examine your company’s patents, intellectual property, licensing, and supply chain management, so we can ensure your new policy covers all bases. We can also advise you on clinical trial regulations, both globally and nationally.
We dive deep into your company’s expenditure, funding, liability insurance, human resources, and key workers, and identify the most comprehensive and cost-effective package for its specific needs.
We will use our expertise to support you through important steps in your company’s development, such as mergers, acquisitions, and stock launches.
Because of the specialised requirements of life science companies, the best way to ensure your company is fully covered is to go through an insurance broker.
A broker can highlight areas of cover you may not have considered, consult insurance providers on your behalf, find the most cost-effective options, and make the process as streamlined and non-intrusive as possible.
At Lansdowne Woodward, we’re dedicated to providing you with a personal, responsive service, no matter your requirements. We handle all claims in-house and make sure we fully understand your needs before sourcing the best insurance solution for you.
To get started, you can reach out to us by filling out our online form or calling us at 01202 874989.
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