Coverage For All Types of Contractors
No matter what trade you specialize in, The Bunker Insurance & Risk Management can build a custom insurance plan for your business should the worst happen.
How We Protect Contractors
These policies are tailored to your companies / products needs and vary in depth and coverage. Do you need coverage for human trials? Is your product subcutaneous or epidermal? Ingested or Worn? All these things will factor into the cost of your insurance.Â
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Here are just some of the ways we can help contractors with their insurance.
The life sciences industry is fast-paced, innovative, and fiercely competitive and with that comes a diverse and complex range of risk exposures. As your business changes, so do your risks. Your business uses delicate, expensive equipment and biological materials. This leaves you, your employees, and your business open to risks including:
- Very strict regulations
- Possible supply chain interruptions
- Patient injury
- Product or sample loss, recall or spoilage
Being in South Florida, you have all of these unique risks that are specific to your industry, plus all the other risks all other businesses face such as dealing with hurricanes, being domiciled in a very litigious state, fires, theft, etc..
At The Bunker Insurance & Risk Management, we understand these risks and their potential costs. In fact, we’ve made it a focus to offer state-of-the-art property and casualty insurance risk management solutions to life sciences companies.
Important Insurance Coverages for the Life Sciences Industry
General Liability
The General Liability coverage addresses potential gaps in insurance owing to the complex sequence of events and potentially long time frames between when a product is developed and when an insurance claim is filed. It offers blanket human clinical trials protection including medical expenses paid in connection with a human clinical trial. Also provides Time Element Pollution insurance subject to the limits of insurance.
- May be expanded to provide insured status for prior exposures in connection with your M & A activity.
Commercial Property Insurance
This insurance helps protect your physical location of your business. It also helps you cover equipment you use to conduct business, such as lab instruments, shelving and tools. This coverage applies whether you own or lease your business property.Â
Business Income
Business income pays continuing operating expenses without deduction owing to R&D operations’ failure to generate a profit. It provides insurance protection against lost income resulting from new product delay while responding to lost income or expenses connected to the restoration of your business, even if the delay is lengthened by regulatory requirements. Receive payments due to lost milestones and insure against covered losses resulting from reliance upon a dependent business location.
Cyber Liability Insurance
Due to the level of sensitive data held by Life Science companies (trial, patient, patents, or use of internet connected devices) the exposure can be quite vast.
Also, if your product was to get hacked and cause bodily injury to one of your patients, your Product/General Liability will most likely not offer you coverage for a loss like this.Â
Life Sciences Errors and Omissions (E&O)
For claims brought up due to mistakes, negligence, or errors due to use of your product. This will offer you protection for a few things like:
- Manufacturers and Contract service companies - offering coverage for companies throughout the supply chain- from the companies conducting the clinical trials to those with commercialized products and sales, in both the drug and device industries. It provides coverage to component suppliers, subcontractors, and finished device manufacturers, as well as contract services companies.Â
- Third Party Economic Loss- covers you for economic injury suffered by your customer, including losses resulting from the loss of use of data and product withdrawal.Â
- Coverage in the Event of a Recall - including direct recall expenses and also enables your customers to regain their goodwill and market share in the event of a recall
Directors & Officers Insurance
Should a claim be placed against the character of the upper management of a company (C-Level), this policy will provide coverage. This will protect your individual assets, and allow you to continue running your business with peace of mind.
What Life Sciences Industries Can We Insure?
- Medical device manufacturers
- Pharmaceutical and biotechnology companies
- Dental equipment and Supplies manufacturers
- Clinical Research Organizations (CROs)
- Cosmetic manufactures
- Manufacturers of veterinary medicated feeds, veterinary medicinal products and veterinary vaccines
- Drug discovery technology companies
- Dietary supplement | Natural health product companies
- Healthcare information technology companies
- Analytical laboratories
- Third party outsourced service providers, including:
- Contract research organization
- Contract drug and device manufacturers
Why are Certificates of Insurance Important?
As a South Florida contractor, this is especially true. Insurance is what keeps you afloat. Being able to provide a Certificate of Insurance (COI) with adequate limits and the necessary policies for a bid or to a customer without hesitation will separates you from your competition.
You may try to bid for a job that is requiring you to have some specific language that you are not familiar with. Such as:
- Blanket Additional Insured
- Waiver of Subrogation
- Primary and Non-Contributory
- Per project vs Per location
Without some of the language above, your bid may be rejected on the spot by not meeting the minimum required coverage.
The Bunker can help you be prepared to win those contracts you are bidding on so you can focus on building your business!
Life Sciences FAQs
These policies are tailored to your companies’/products’ needs and vary in depth and coverage. Do you need coverage for human trials? Is your product subcutaneous or epidermal? Ingested or worn? All of these exposures will factor into the cost of your policy.Â
Conducting clinical trials in other countries presents a different risk all together. The clinical trials in other countries can be totally different and the exposure might be greater.Â
Selecting an insurance company that has experience in this field is crucial. Insurance laws vary from country to country including laws pertaining to trials. Not having the correct insurance coverages in place can delay the trials and can have a significant economic impact on your business.Â
Umbrella policies are design specifically to protect contractors from large lawsuits.Â
What is covered? After a large claim has exhausted the underlying limit of your primary General Liability, then the Umbrella policy is triggered to cover the balance of the unpaid claim. An Umbrella policy will go over your Commercial General Liability, Commercial Auto, Workers Compensation.
The best place to cover this exposure is by scheduling the expensive items and obtaining blanket coverage for the miscellaneous tools and equipment in one lump sum amount using an Equipment Floater policy also known as Inland Marine.Â
In Florida, you want to make sure that your Inland Marine policy has a low hurricane deductible, and that theft is included.
A certificate of insurance (COI) is an actual certificate issued to you that is your tangible proof that you are covered by the insurance policy you have purchased.
In addition to serving as proof of insurance, it also outlines the basic conditions of your policy.Â