Beazley introduces small business life sciences insurance

Beazley introduces small business life sciences insurance | Insurance Business

Beazley introduces small business life sciences insurance

Beazley has launched a new coverage aimed at small businesses in the life sciences industry.

The Beazley BioSecure policy offers customized and flexible insurance protection against a range of exposures in the pharma, biotech, and medical device sectors. A release said that the policy builds on the expertise Beazley has developed through underwriting life sciences risks and managing claims for middle to large-sized clients for over a decade.

The policy provides worldwide coverage for private enterprise firms domiciled in the US, with coverage for:

  • Products/completed operations
  • Clinical research & healthcare professional services – negligent act, error or omission
  • Clinical trial medical expenses & monitoring expenses
  • General liability

Beazley also said that by offering BioSecure to smaller, private enterprise clients, it will be underwriting risks such as clinical trials, medical device manufacturers, drug delivery systems, and surgical equipment suppliers.

“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 organizations and start-ups that are often exposed to complex and emerging risks,” said Beazley head of US private enterprise Kathryn Janofsky.