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Business Insurance for Life Sciences

From research to product manufacturing, a specialized we understand risks and insurance nuances in the life sciences industry, including the pharmaceutical, biotechnology, medical device, and nutraceutical spaces. Businesses in this ever-evolving, fast-paced sector are exposed to unique risks due to the cutting-edge nature of their products.

Risks in the Life Science Industry

Risks in the Life Science Industry

Science

Scientific and Technological Risk

Life science companies are heavily dependent on the success of their research and development efforts. If a company’s R&D fails to produce marketable products or the technology becomes outdated, it can significantly affect the business.

Regulatory Risk

Regulatory Risk 

The industry is subject to stringent regulations. Changes in health and safety laws, FDA regulations, or other regulations can affect the approval of a product. If a company fails to comply with regulations, it can face fines, and penalties, or may be forced to withdraw its product from the market.

Clinical Trials

Clinical Trials Risk

The failure of clinical trials can result in significant financial losses. There is always a risk that a product may not demonstrate the expected efficacy or safety in clinical trials.

Patent

Patent and Intellectual Property (IP) Risk

Life sciences companies often rely on patents and IP rights to protect their products and maintain competitive advantage. If a patent is not granted or if IP rights are violated, it could have serious financial implications for life sciences companies.

Life Science Risk Management Guides

At Founder Shield, we offer insurance coverage for a variety of Life Science startups. Some of the types of startups we specialize in include:

 

Biotech

Biotech

Risk management & business insurance for Biotech companies. Risks Biotech companies face; clinical trials, R&D, product launch & compliance.

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Dietary

Dietary Supplement & Nutraceutical 

Risk management & business insurance for Dietary & Nutraceutical companies. Risks Dietary & Nutraceutical companies face; cybersecurity & supply chain.

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Health Tech

HealthTech

Risk management & business insurance for HealthTech companies. What risks HealthTech companies face with cyber security, data breaches, regulatory compliance.

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Pharmaceutical

Pharmaceutical

Risk Management & Business Insurance for Pharmaceutical companies. What risks Pharmaceutical companies face with FDA approvals, clinical trials, and regulatory compliance.

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Virtual Care

Virtual Care, TeleHealth, & Telemedicine

Risk management & business insurance for Virtual Care, TeleHealth, & Telemedicine companies. Risks these companies face like Medical Malpractice.

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Famtech

FamTech & BabyTech

Risk management & business insurance for FamTech & BabyTech companies. Risks FamTech & BabyTech companies face; cybersecurity & Product Failure.

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Life Sciences Insurance

Life sciences companies, due to the nature of their work, should consider multiple types of insurance to protect themselves against the various risks they may face. Here are a few types of insurance that are typically important for life sciences companies:

cyber insurance

Cyber Insurance

With increasing digitization, many life sciences organizations and science companies are becoming targets for cyber-attacks. This can lead to theft of intellectual property, sensitive patient information, and disruptions in operations.

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With increasing digitization, many life sciences organizations and science companies are becoming targets for cyber-attacks. This can lead to theft of intellectual property, sensitive patient information, and disruptions in operations.

Product Liability Insurance 

This covers claims related to product defects that might cause injury or harm. Given the potential impact of drugs and medical devices, this is particularly important for life science companies.

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This covers claims related to product defects that might cause injury or harm. Given the potential impact of drugs and medical devices, this is particularly important for life science companies.

errors and omissions

Professional Liability Insurance (Errors and Omissions) 

This covers companies from claims of negligence, mistakes, and failures in the professional services they provide.

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This covers companies from claims of negligence, mistakes, and failures in the professional services they provide.

Clinical Trials

Clinical Trials Liability Insurance

This provides coverage for bodily injury arising from the testing of medical products on human subjects.

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This provides coverage for bodily injury arising from the testing of medical products on human subjects.

property insurance

Property Insurance

This covers the company’s physical assets, such as buildings and lab equipment, in case of damage or loss.

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This covers the company’s physical assets, such as buildings and lab equipment, in case of damage or loss.

Directors and Officers (D&O) Insurance 

This provides protection for directors and officers from personal losses if they are sued as a result of serving on a board of directors and officers.

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This provides protection for directors and officers from personal losses if they are sued as a result of serving on a board of directors and officers.

Intellectual Property

Intellectual Property (IP) Insurance 

This provides coverage for legal fees and damages related to intellectual property disputes.

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This provides coverage for legal fees and damages related to intellectual property disputes.

Tailored for the needs of Life Science companies

Founder Shield offers a range of insurance coverage options specifically for life sciences businesses, tailored to meet the needs of Life Sciences companies. Each coverage option is designed to provide comprehensive protection against the unique risks faced by Life Science businesses. Whether you’re just starting out or you’re a more established company, our policies are built to scale with you and ensure that you’re always protected.

Fast and attentive service. Always there to help with my questions and make sure we get the right coverage. Highly recommend!

Demetri Karagas Co-Founder

Life Sciences Insights

Articles

Navigating Evolving Risks in the Biotech Industry

The biotech industry thrives on forward thinking and innovative technology—but faces plenty of risks nonetheless. Here’s an industry-wide look.

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7 Crucial Cost and Drivers of D&O Insurance

Find out the 7 costs and drivers of D&O insurance. Get an inside look at what drives D&O insurance prices. Find answers to all your...

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Biotech Companies: How Your Pipeline Influences Investors

Biotech companies establish pipelines to land the FDA's approval for novel drugs eventually — but the process helps to secure funding, too. Here's how.

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The Most Promising US Cities for Biotech Startups

From coast to coast, the biotech industry is booming. Here's a look at the cities helping this space to thrive and why biotech startups flock...

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FDA Phase 3 Approval: What Insurance Do I Need?

Update: We’ve released a new whitepaper examining the Biotech industry. We dive into the insurance landscape, funding, legal climate, and how to approach risk management...

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VC Funding for Life Sciences Companies

VC funding for life sciences companies has evolved significantly in the past two decades. Here’s what you need to know about financing in the space.

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ebook

Digital Health Risk Playbook

This playbook is developed for Digital Health leadership to navigate the nuances of risk management and support decision-making in this rapidly evolving industry.

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Why Choose
Founder Shield?

At Founder Shield, we’re dedicated to helping Life Sciences companies succeed by providing comprehensive insurance coverage and exceptional customer service. Here are just a few reasons why our clients trust us to make insurance solutions that protect their companies

1
Life Science Expertise

Founder Shield is focused on protecting rapidly evolving life sciences companies. We ensure that our products are tailored to meet the unique needs of life science businesses.

2
Fast Quotes

With Founder Shield’s streamlined quoting process, you can receive a personalized quote for your life science insurance quickly, allowing you to make informed decisions fast.

3
Scalable Coverage

As your life science business grows, Founder Shield’s insurance policies can grow with you, ensuring you always have the right level of coverage for your changing needs.

Get A Quote For Life Sciences Insurance

Don’t wait until it’s too late to protect your life sciences company. Get a life sciences insurance quote today and see how Founder Shield can help you mitigate your risks and protect your company’s future.