All it takes is a few clicks.
What Is Life Science Insurance and Why Do Businesses Need It?
Your life sciences business uses delicate, expensive equipment and biological materials. This leaves you, your employees and your business open to risks, including:
- Strict regulation
- Supply chain interruption
- Patient injury
- Product or sample loss, recall or spoilage
You have to manage these risks that are unique to the life sciences industry. But you still face the same risks other small businesses face, such as property damage to your workplace or the loss of critical files and records.
Are you trying to find protection specifically designed for your life science business? Learn about the business insurance coverages that your life science business can get from The Hartford.
Reduce Risk With Biotech Insurance
Your business needs to protect its property, which includes the equipment you and your employees use. You also need to make sure your employees and the public are safe around biological materials. There are different types of business insurance, also called biotech insurance or life science insurance, to help you manage these risks.
Popular Business Insurance Solutions to Meet Your Needs
Business insurance, also known as commercial insurance, helps protect business owners from unexpected losses.
Life Science Insurance Coverages
Business Owner’s Policy
Most life science businesses or biotech companies need a Business Owner’s Policy (BOP). This policy works similarly to a homeowners insurance policy, which helps protect your home and your personal possessions.
A BOP combines three basic business insurance coverages that are important to many small businesses. It can help you save money on insurance, while also safeguarding your life science business. A BOP includes:
- General liability insurance to help protect your life science business from lawsuits alleging bodily injury or property damage. For example, a customer who gets injured at your lab or facility. It also helps cover certain claims alleging slander and libel. However, general liability doesn’t cover liabilities directly arising from the services your firm provides.
- Commercial property insurance, which helps protect the physical location of your business. It also helps 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.
- Business income insurance, which helps replace your business’s lost income if you can’t open because of covered property damage.
Additional Coverages for Life Science Insurance
Computers and Media Insurance Coverage
Life sciences companies depend on computers to:
- Communicate with customers and vendors
- Store important scientific data
- Manage projects
- Conduct research
- Maintain employee and customer information
If your computers get damaged, computers and media coverage can help pay to replace lost data and your business’ lost income.Data Breach Insurance Coverage
You may store employee and customer information at your life science business, such as:
- Social Security numbers
- Contact information
- Credit or debit card details
This puts your business at risk of a lawsuit if personal identifiable information is lost or stolen. Data breach coverage helps pay your costs of:
- Notifying impacted individuals
- Good faith advertising
- Managing public relations
Learn more about Data Breach Insurance.
Hired & Non-Owned Auto Insurance Coverage
Have you ever borrowed a vehicle for business? Do you rent cars to attend conferences, visit research facilities or meet with clients? If so, a personal auto policy won’t protect you or your employees if you get into an accident. Hired and non-owned auto coverage helps cover you and your employees if you’re in an accident while using a borrowed, leased or rented vehicle for work.
Bundle Coverages for Your Life Science Business
Stretch Your Dollar
Increasing your BOP protection at an affordable price is easy with The Hartford. Our Stretch® endorsements bundle valuable insurance coverages for life science businesses like yours. Super Stretch for Life Science adds:
- $25,000 for biological research materials that aren’t typically covered in business property policies.
- Business income extension for milestones, which helps cover the loss of a grant or other investment due to a covered property loss.
- $10,000 for biological hazardous waste and radioactive contamination clean-up.
A Stretch® endorsement can help you take the guesswork out of selecting the coverage for your life science business. If you own a small life science business, contact an agent or a representative from The Hartford about these cost-effective solutions. If you’re a larger business, you can work with life science insurance brokers.
Other Important Insurance for Life Science Businesses
Workers’ Compensation Insurance
Most states require workers’ compensation insurance. It provides your employees with benefits if they get hurt or sick because of their job. Workers’ comp benefits include:
- Help paying for medical expenses
- Partial replacement of lost wages
- Death benefits
If an employee’s family sues you for their work-related injury or illness, this insurance can help cover your legal expenses. Life science companies are among many businesses that have been turning to us for protection for over a century.
Learn more about Workers’ Compensation Insurance.
Commercial Auto Insurance
If your business owns vehicles that you or your employees use for work, commercial auto insurance can help keep you safe on the road. Commercial auto insurance is important because a personal auto insurance policy won’t provide coverage if you or an employee gets into an accident while conducting business.Learn more about Commercial Auto Insurance.
Get Life Science Insurance From The Hartford
You can easily get a quote for life science insurance from The Hartford. We understand each business is unique. Our team of specialists can help you find the right coverage that meets your business’ needs. Get a life science insurance quote today.