Life Science
What is Life Science insurance?
Life Sciences cover a broad range of expertise in medicine, agriculture, animal sciences, bio-informatics, genomic studies, environmental sciences, public health, proteomics and other related fields. There is always research in these fields to improve the quality of human lives, which is imperative to our future.
This is where Life Science Insurance comes into play. Life science insurance is a specialised field of insurance providing protection against several risks.
Protection provided:
Medical research labs, high-tech research institutes and universities all require expensive equipment, clinical trials and raw materials; largely involving the risks of:
- Regulatory compliances
- Damage to patients or research subjects
- Product losses
- Sample spoilage etc.
- Injury or property damage
Who needs Life Science insurance?
Life Sciences covers a wide spectrum of medical technology and life science research and follows a complex operational strategy that is not fully catered to by the conventional insurance policy of other businesses. Life Science insurance is specifically designed to cater to the needs of:
- Large-scale research institutes, universities, labs etc.
- Biotech institutes
- Medical device manufacturers
- Any other institutes involved in clinical trials, including behavioural research
- Nutrition and dietary supplement producer
- Life science services
What it covers
Most Life Science insurance policies include a large spectrum of coverage. These usually include 3 types of ranges:
- General liability insurance
- Property insurance
- Business income insurance
