Chubb is introducing new insurance solutions for life sciences business clients in the US, expanding its small business insurance suite to cover for pharmaceutical and similar organisations.
The new solutions, which will protect clients from various property and liability issues, will be available through Chubb’s Small Commercial Marketplace, distributed by agents and brokers.
“Chubb has been a leader in the life sciences industry for more than 25 years,” said Chubb North America division president of small commercial insurance Jim Williamson. “Our experience shows that small life sciences firms are vulnerable to a range of unique property and liability exposures, including research and development costs, product contamination and class action litigation”
To that end, Chubb has developed “a broad portfolio of comprehensive coverages specifically designed for small life science firms,” Williamson explained.
Some of the tailored property and liability products Chubb is offering to small life sciences firms include Chubb BOP (Business Owner's Policy), workers’ compensation, commercial auto, Cyber Enterprise Risk Management (ERM) Digitech® ERM, foreign package, umbrella, and management and professional liability insurance protection.
The solutions are designed to help small businesses in the areas of:
- Medical device, pharmaceutical, and biotechnology research and development companies
- Medical device manufacturers and distributors
- Biotechnology and pharmaceutical manufacturers and distributors
- Dietary supplement and nutraceutical manufacturers
- Contract research organisations
- Health technology and healthcare related software development companies
“Chubb Small Commercial Insurance is focused on innovation for independent agents. Our expansion into life sciences is another step on our journey to changing how small business insurance gets done in the independent agent channel,” Williamson added.