British specialist re/insurer Beazley has rolled out a new life sciences insurance designed particularly for small businesses.
Known as Beazley BioSecure, the new insurance offering provides small businesses coverage against a wide array of exposures in the pharma, biotech and medical device industries.
Beazley life sciences insurance:
The insurer added that it will also be underwriting such risks as clinical trials, medical device manufacturers, drug delivery systems and surgical equipment suppliers.
The US-domiciled private enterprise (PE) firms will get global protection for products/completed operations; and clinical research & healthcare professional services including negligent act, error or omission.
The new product will also offer coverage for clinical trial medical expenses & monitoring expenses as well as general liability, the insurer said.
Beazley head of US private enterprise Kathryn Janofsky said: “As the life sciences sector continues to expand at a rapid pace, we see a great opportunity to enhance our offering to meet the needs of innovative organisations and start-ups that are often exposed to complex and emerging risks.
“BioSecure for private enterprises delivers a tailored, comprehensive solution supported by a first-class, highly responsive claims service to the rapidly evolving medical sector.”