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.

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Zurich Middle Market Life Sciences fact sheet

Zurich Life Sciences Primary Products Liability fact sheet

Zurich Middle Market fact sheet

Contact Information

Download the Life Sciences contact sheet

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:

Biological products

MedTech and medical devices

Pharmaceuticals

Research 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.

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.

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