Protection of property: though many biotech startups focus on protecting their proprietary technology via patents, it is important to also consider physical property. Lab equipment, lab facilities, manufacturing tools, and many more items are worth a lot of money to a biotech operation. Property risks increase as your company experiences growth; the bigger you are, the harder you fall.
Securing continued funding: a valid concern for many biotech companies is attracting investors. Convincing investors to continue their funding is also another common task for biotech operations. As your biotech company grows and requires more funding, it is crucial to ensure smooth and legal daily operations contributing to that growth. Insurance for biotech companies also helps you to effectively deal with the FDA and other regulatory bodies.
Sustained growth: to sustain a startups development, it is critical to support your upward movement. For many, maintaining momentum means avoiding any setbacks, such as the loss of data. The availability of your product to the public increases your risk significantly and this risk becomes more relevant as the company grows.