Biotech and Life Sciences Insurance

What Is a Life Science Insurance Policy?

A life science insurance policy includes coverage to help protect your business from various risks. This can include:

Strict regulation
Supply chain interruption
Patient injury
Product or sample loss, recall or spoilage

While it’s important to manage these risks, you’ll still face other common issues that small businesses face, like property damage or bodily injury. That’s why we offer business insurance that can help keep you protected no matter what comes.

Who Needs Life Sciences Liability Insurance?

Some types of businesses that need life science insurance include:

Biotechnology companies
Medical device companies
Businesses that are doing clinical trials
Dietary supplement and nutraceutical companies
Life science service organizations

Basic Life Science and Biotech Insurance

Biotech companies and businesses in the life sciences industry can benefit from a Business Owner’s Policy (BOP). It combines three types of business insurance coverages into one convenient policy:

Covering Your Life Sciences Operations

You’ve dedicated a lot of time to get your business where it is. Having the right insurance coverage can help keep it successful. Our life science insurance coverage can help protect life sciences companies from unique industry risks.

A general liability claim can average more than $75,000 per case to defend and settle.¹

Customer Injury

“On a tour of our facility, a customer fell and twisted her ankle. She ended up needing medical care to recover.”

General liability insurance can help cover bodily injury claims. It can help pay for medical bills. Our policy also includes product liability coverage, which can help if your product hurts or damages someone else’s property.

Fire

“A fire broke out in our facility and caused significant damages. We couldn’t open until repairs were finished.”

Business income insurance can help replace lost income if you can’t operate your life science company or biotech business because of covered property loss.

Protecting Your Life Science Property

Working in the biotech industry means relying on expensive equipment and delicate materials. From the facility you rely on to the tools you use, having life science insurance ensures that your property stays protected on the job. That’s why life sciences coverage should be an important part of your risk management plan.

Businesses saw a 13% increase in ransomware attacks.²

Cyber Attack

“Our computers weren’t working one morning. It turned out that our system was infected with malware.”

Cyber insurance, also called data breach coverage helps your business respond to breaches, helping pay to notify those affected, hire a public relations firm and provide credit monitoring services to victims.

Storm Damage

“Our greenhouse was damaged in a bad summer storm. The result ended up being lots of dead plants which disrupted our research project.”

Biological research materials coverage helps pay for the loss or damage to biological materials, like plants and microbes.

Taking Care of Your Biotech and Life Sciences Team

Your team of employees and researchers drive innovation at your life sciences business. We know how important they are to you. That’s why we offer insurance protection that can help cover them while they’re on the job.

There were 4,764 fatal work injuries in the U.S. in 2020.³

Employee Injury

“Our research and development team always wears protective gear when operating machinery. Recently, an employee forgot to wear gloves and ended up burning his hand. He had to rush to the hospital to have it looked at.”

Workers’ compensation insurance can help provide benefits to your employees with work-related injuries or illnesses. This coverage can help pay for their medical treatment and ongoing care.

Car Accident

“My research team was headed to a location to collect some samples. On their way, they got into a fender-bender with the company truck and the driver of the other car hurt their back.”

Commercial auto insurance can help protect your employees on the road when driving business-owned vehicles for work. It can help pay for claims if you hurt someone else or damage their property in the accident.

Get a Quote for Life Science Insurance

We’re backed by more than 200 years of experience. Our specialists are here to help you get the right type of coverage for your risk management plan so you can continue running a successful business in the life science and biotech industry. And if you need help with a claim, our claim professionals have your back.

Find out more about other science and medical professions we insure:

The Life Science Insurance You’ve Been Looking For

We’re an insurance company dedicated to serving small businesses. We know the risks you face in the life sciences industry, and we’re here to help get you the kinds of coverage you need to keep your unique business protected.

Start Quote

For Larger Firms

Larger life science firms typically require specialized insurance coverage.

Learn About Insurance Needs

Last Updated: October 17, 2022

¹ The Hartford, “The Hartford Reports: More Than 40 Percent of Small Businesses Will Experience a Claim in the Next 10 Years”

² Verizon, “2022 Data Breach Investigations Report: Summary of Findings”

³ U.S. Bureau of Labor Statistics, “National Census of Fatal Occupational Injuries in 2020”

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