Life Sciences Business Insurance


Life Sciences Businesses Face a Range of Risks

Life sciences businesses can face a broad range of risks from clinical trial failures, to lawsuits, to breaches of personal data. However, risk managers working with these firms can rest assured knowing that The Hartford is here to help businesses reduce risk and prevail through crises and unexpected events.
Recommended Coverage for Life Science Businesses
The Hartford’s Property Choice® coverage helps protect the property a life science business owns and leases, including things like equipment, inventory, furniture and tools. Life science companies can tailor coverage to suit the specific needs of their unique life science business.

This can include coverage if:
 
  • Equipment owned by the business breaks down.
  • The business is unable to process electronic data.
  • The firm loses income because utility services are interrupted.
  • Property and data are damaged because of electronic vandalism.
     
Property Choice also helps covers damage to prototypes, computers, data, valuable papers, research records, biological research materials and research animals. This also helps pay for damage for condemnation of undamaged stock and accidental spoilage.
Our General Liability Choice® coverage helps protect the assets of a life sciences company in the event of a lawsuit for claims of negligence, personal injury, libel, slander, errors, omissions, false advertising, and more.
Our manufacturers E&O liability helps fill a coverage gap that life science or technology companies may not have known about. This comprehensive coverage is designed to pay covered financial damages from negligence in the design or manufacture of a product or work. Our policy includes:

Business Injury Coverage
  • Helps cover the failure of the insured’s product to meet the level of performance, quality, fitness or durability represented by the insured
  • Helps cover the failure of the insured’s work or operations to meet the level of performance, quality, fitness or durability represented by the insured
Both of these elements of business injury coverage are not included under a commercial general liability policy.

Product Physical Injury Coverage
  • Helps cover the cost of legal damages caused by sudden and accidental physical damage to the insured’s product after it has been put to its intended use.
  • Helps cover the cost of legal damages for physical injury to a customer’s personal property that occurs on the insured’s premises if the insured has the care, custody or control of such property for the purpose of performing work on it.
These damages are not included under a commercial general liability policy.
Helps protect against management liability risks faced by life science companies and their leaders. Our offering includes:
 
  • Directors, Officers and Entity Liability Coverage (D&O) – helps protect life science companies, their directors, officers and management team against loss that arises out of the day-to-day operations and management of the company.
  • Employment Practices Liability Coverage (EPL) – helps protect life science businesses from damages and defense costs that arise out of employment-related disputes, including but not limited to alleged discrimination, sexual harassment, refusal to hire and wrongful termination or discipline.
  • Fiduciary Coverage – helps cover employee claims related to the design, administration and maintenance of company-sponsored retirement, health, and other employee benefit plans.
  • Crime Coverage – helps protect life science companies against loss from employee theft, computer fraud, and other similar types of crime.
  • Kidnap and Ransom Coverage (K&R) – helps protect life science company employees if they are kidnapped in the U.S. or while on business abroad.
  • Representations and Warranties Coverage (R&W) – helps life science companies reduce common merger and acquisition (M&A) risks.
The Hartford’s FailSafe® suite offers flexible professional & cyber liability and expense coverage to help protect against the risks most technology companies face. Depending on the level of coverage selected, this can include coverage for:
 
  • Data security lapses and identity theft
  • Copyright or trademark issues
  • Content-related libel or slander issues
  • Technology performance failures
  • Warranty or product representation problems
  • First party breach and extortion expense
  • Business interruption and data loss
     
Helps cover lost business income if the company is not able to conduct business due to a covered loss.
Helps life science companies survive a significant liability claim that exceeds the limits of primary coverage.
Additional Solutions for Life Science Businesses
Helps cover the vehicles that a business owns, leases, rents or borrows – on the road and off. At no additional cost, commercial auto insurance helps cover electronic equipment in vehicles, lease and loan gaps, and provides a wide range of specialized services designed to help businesses improve their drivers’ safety.
The Hartford is a leading provider of Workers’ Compensation Insurance. XactPAY® offers pay-as-you-go workers’ compensation premium payments based on actual monthly payroll figures to help better manage cash flow fluctuations and minimize audit adjustments. Best of all, this is offered at no extra cost.
The Hartford’s Shipper's Interest & Ocean Cargo Choice coverage helps protect life science businesses that operate domestically and internationally when they ship over land or water. Coverages which may be selected by the insured include, Ocean Cargo insurance, which helps cover most shipments of goods, freight and merchandise; Warehouse Legal Liability Insurance, which helps cover physical loss or damage of property that occurs during storage, cross-docking, or other activities in which life science businesses engage, and Domestic Shipper’s Interest.
TREO, our RMIS solution, is designed to simplify claims management and help you effectively lower loss costs. It enables the power of data and analytics, creates transparency – highlighting proof points and identifying the root causes of cost drivers, allows individual and portfolio claims management, and lets you customize claims-trend tracking.
The Hartford’s innovative Risk Engineering team strives to help life science companies run safer and ultimately more profitable businesses with loss control services that include risk exposure evaluations, consultations, and recommendations for improving businesses’ safety and security.
 
The Hartford offers U.S. domiciled companies a spectrum of coverage that goes far and wide. Whether you need to cover employees traveling abroad or a whole overseas enterprise, The Hartford can offer the right package of protection with options ranging from The Hartford Passport Package to The Hartford’s Controlled Master Policy (CMP) with local multinational policies – in one coordinated insurance program.
 

For Smaller Firms

Smaller life science firms typically require specialized insurance coverage.
 

The Speed of Technology

The Hartford has been going at the speed of technology for more than 30 years. And, as technology grows and changes ... so will we.
The Hartford® is The Hartford Financial Services Group, Inc. and its property and casualty subsidiaries, including issuing company, Hartford Fire Insurance Company. Its headquarters is in Hartford, CT.
 
Certain coverages vary by state and may not be available to all businesses. All Hartford coverages and services described on this page may be offered by one or more of the property and casualty insurance company subsidiaries of The Hartford Financial Services Group, Inc. In TX, this insurance is written by Sentinel Insurance Company, Ltd., Hartford Casualty Insurance Company, Hartford Lloyd’s Insurance Company, Property and Casualty Insurance Company of Hartford, Hartford Underwriters Insurance Company, Twin City Fire Insurance Company, Hartford Accident and Indemnity Company and Hartford Fire Insurance Company. In CA by Sentinel Insurance Company, Ltd. (CA license # 8701) and its property and casualty insurance company affiliates, One Hartford Plaza, Hartford, CT 06155.