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Life Sciences Insurance

Insurance for life sciences companies

From speed of innovation to regulatory compliance to managing investor expectations, the life sciences industry is often faced with unique and complex exposures. Implementing an approach that combines effective risk transfer and mitigation is essential to creating a holistic risk-management solution. That’s why working with an insurance company that understands the unique business needs of the life sciences company is essential.

 

Why choose Zurich for Life Sciences Insurance?

Zurich knows that understanding the specialized exposures of the life sciences industry is the foundation for developing an effective, holistic risk-management approach. That’s why we’ve built an underwriting team that includes professionals who have life sciences backgrounds. Combined with our financial strength,1 global reach, loss-control expertise and broad business appetite, Zurich can help provide the confidence you need to focus on achieving your business objectives.

  • Dedicated, experienced underwriters
  • A consultative approach to help identify risks and provide the right mitigation strategy
  • Broad appetite
  • Coverages designed for life sciences companies
  • Robust Risk Engineering capabilities driven by life science specialists
  • Specific life science tools to help provide quicker turnaround times on risk transfer options

Targeted life sciences industries

Coverage is available for companies involved with the full range of FDA-regulated life science products and services, including:

Life ScienceBiological products
Operating RoomMedTech and medical devices
PharmaceuticalsPharmaceuticals
Life-sciencesResearch and development and Contract Research Organizations (CROs)

Not a market for

  • Dietary supplements
  • Cannabis and CBD

 

Insurance solutions for life sciences companies

Zurich delivers a broad range of property and liability coverages needed by today’s innovative life sciences companies.

Property

Zurich’s broad all-risk property form addresses many of the exposures life sciences companies face.

  • Business income coverage contemplates FDA recertification requirements
  • Options for Business Income for Gross Earnings or Gross Profit
  • Options for milestone payment coverage and transitional business stages
  • Coverage available for research and development property, including research animals and prototypes
  • Specific coverage for material damage/loss of production animals used in manufacturing drug or device components
  • Specialized coverage endorsement provides life science specific options, including coverage for contamination, sudden and accidental change in environment, and condemnation of undamaged property

General Liability (Premises/Operations)

  • Advertising Injury/Personal Injury included
  • Supplemental endorsement for GL extensions

Auto

Auto coverage to protect against third-party liability and property damage for owned or non-owned sales fleets as well as hired car and non-owned exposures, domestically or overseas.

Workers’ Compensation

Coverage designed to help get employees back to work quickly and safely. Level and variable dividend options, loss-sensitive programs and flexible payroll reporting options available.

Umbrella

Additional liability protection with Zurich’s Umbrella form over the prem/ops GL and auto. True Coverage A “follow form” and limits up to $10 million.

Primary Products Liability

  • Products-completed operations
  • Errors and omissions
  • Professional services liability
  • Human clinical trials

Excess Product Liability

  • Follow form, true claims made 
  • Non-admitted coverage 
  • Limits up to $10 million 

International capabilities

  • Coverage for international locations available via Zurich’s extensive international network of more than 210 countries and territories
  • Exporter solutions policy available for companies without foreign subsidiaries


Zurich Resilience Solutions - Risk Engineering Services

Through Zurich Resilience Solutions (ZRS), we provide specialized insights and tools to support our customers with solutions addressing traditional and evolving risks – above and beyond insurance. ZRS has been created to address a rapidly changing risk landscape, with a new, truly holistic approach to supporting our customers’ risk management and helping build their resilience. Combining our close relationship and in-depth knowledge of our customers’ operations with our industry expertise, ZRS is a key exponent of our promise to build a brighter future together, with existing and new customers.

In addition to the services of a dedicated Risk Engineering Services Coordinator, Zurich Resilience Solutions can provide a suite built to address the most frequent and severe risks facing life sciences companies, including:

Property

  • Business continuity exposure assessments and mitigation services
  • Water intrusion evaluation and mitigation
  • Supply chain risk assessment
  • Climate change resiliency

Casualty

  • Remote and on-site ergonomic assessments assisted by wearable technology
  • Disruptive event response and workplace violence training
  • Slip, trip and fall assessment and management
  • Fleet program review and telematics
  • Video on demand training and Learning Management System

Self service

  • EZ-Ergo self-evaluation ergonomics tool
  • Safety program development kits
  • Safety calendars
  • RiskTopics to help identify and mitigate large losses and/or trending exposures

Visit our Risk Engineering page for additional services and options.

risk-engineers-reviewing-plan
customer service

Claims

Having the right Claims professionals and programs in place to serve life sciences customers can help reduce total cost of risk and drive ongoing, sustained savings.

Service that excels

  • Award-winning, 24/7 Customer Care Center2
  • 24/7 Major Case and Large Loss unit response teams
  • Claim assignment by line of business, type and complexity
  • Zurich Claims team professionals average over 15 years of experience across all lines of business
  • Experienced life sciences defense firms

Flexible reporting options

  • Customer scorecards and benchmarks
  • Total cost of risk analysis
  • Exposure-based analysis
  • Customized dashboards

Customer focused

  • Informative webinars, seminars, infographics and more
  • Customer surveys that inform and help optimize processes
  • Online tools and resources
  • When utilized, integrated Medical Management yields a 63% reduction in medical bill costs on average.3
  • Zurich Claims Investigative Services digs deep to confirm the legitimacy of claims and identify, diligently pursue and deter fraudulent activity.

References

1. Financial strength based on A.M. Best rating of A+/stable
2. ContactCenterWorld - Top Ranking Performers Awards Americas 2021: Ranked #1 for Best Contact Center.
3. Zurich claims data 2021.

FAQs

Insurance for life sciences companies are products and services designed to respond to the particular risk management needs of companies engaging in life sciences-related activities such as laboratory or animal research, pharmaceutical development and manufacturing, medical device manufacturers, and distributors and wholesalers of drugs or devices. 
The life science industry has its own set of unique exposures. There are coverages designed to protect companies against related risks that may impact their ability to bring products to market. Further, life sciences companies often have international exposures that need to be addressed.

Companies that may benefit from life sciences-related insurance include those that develop or sell:

  • Medical and botanical development
  • Pharmaceutical preparations
  • Biological products
  • Surgical and appliance supplies
  • Dental equipment and supplies
  • X-ray apparatuses and tubes
  • Electromedical equipment
  • Ophthalmic goods
Companies that engage in life sciences activities often consider property, general liability, auto and umbrella coverages. Those that also have operations outside the U.S. may need to consider a master program or other approach for their international operations.