Life Sciences Insurance

Companies that operate within an ever-changing industry of life science face such a variety of complicated challenges. Life sciences insurance can help to keep your business protected against a range of risks and financial losses. Having a tailored insurance policy in place ensures that in the event of an accident you can have total peace of mind that you are financially protected.  Read on to find out how HISL Brokers Limited could help to protect your business today.

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What is life sciences insurance?

A life science insurance policy will help to protect your business against a range of claims, financial risks and losses. The level of protection that you receive is determined on your business’ specific needs and requirements.

Types of life science insurance policies

The different types of life science insurance policies can include:

  • Public liability insurance: Provides protection if your business activities kill or injure a member of the public or damage their property.
  • Employers’ liability insurance: This is a legal requirement if you employ any member of staff (including permanent, temporary, contractors or freelancers). The minimum level of protection is £5m, which will cover the cost of compensation claims if they get injured or ill at work.
  •  Business interruption insurance: Provides cover for financial losses if your business can’t operate from its premises as normal as a result of a fire, major theft or a flood.
  • Commercial buildings and contents insurance: Provides cover for your business premises in the event of flooding, a fire or theft.
  • Key man insurance: Provides cover if an essential member of your team (for example your CEO) is unable to work for you due to reasons such as sickness, disability or death.
  • Product liability insurance: Provides cover if an individual suffers damage or injury as a result of a product that you designed, created or adjusted.
  • Business assets insurance: Provides cover for the things that your business needs to operate, such as computers, mechanical equipment, tools, machines and stock.
  • Goods in transit: This will provide cover if chemicals are damaged, lost or stolen while being delivered by your freight company.
  • Business interruption and supply chain: Many companies operating within the life science industry are part of a complex structure of supply networks. If there are any issues within this supply chain it can leave your business at risk. With business interruption and supply chain insurance, you can help manage risk from failure, fire, terrorism, product recall, and cyber-attacks, all can potentially cause issues to the operation of your business.  

These are just examples of some of the types of life science insurance policies that we look after at HISL Brokers Limited. As we know that no two businesses are the same, speak to us today to find out which policies will best meet your needs.

What life science insurance do I need?

In the event of an accident, your business can be left very vulnerable to costly expenses. Can you afford to not protect the company from the unexpected? It may be time to arrange a tailored insurance policy to your specific needs and requirements, ensuring that no matter what tomorrow holds, you will always know that you have some protection in place.

The cost of the life science insurance

The premium that you will pay for life science insurance depends on the level of cover that you need and the breadth of cover that your business requires.

Although construction insurance may be another cost for your business, just think about how much you could be forced to pay in the event of a successful compensation claim or a costly theft. Would you be able to continue trading as a result?

It is crucial to ensure that you are properly protected in the event of an incident occurring. With that in mind, at HISL Brokers Limited we will take the time to understand the specific needs of your business and recommend the amount of cover that is best suited to you.

How can I get life science insurance

If the worst should happen, could your life science business survive without the correct insurance in place?

Established in , HISL Brokers Limited are the life science insurance experts. We understand that life science businesses face unique risks and challenges on a day to day basis, and that you need bespoke insurance that works for you and gives your business the level of cover that you require.

Give your business the protection that it deserves today – if you want to find out how much peace of mind costs, contact Paul Kerner by calling: (0)20 7220 9020.