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Medical Product Insurance
Any business that works alongside the medical sector shall know, it is increasing difficult to find an insurance broker that understands the life science industry. At All Med Pro we continue to build upon our 10 years of commercial insurance broking, within the UK medical sector. We don’t just look after practicing clinicians, we also protect commercial enterprises who operate in the design, manufacture and supply of medical goods; This includes contract manufacturing.
For peace of mind that you and your business reputation are protected, contact All Med Pro for all your insurance needs.
Medical Products Liability Insurance
When developing medical products it’s crucial that your business has the correct level of insurance in place. Risk is not only present within the laboratory, as you proceed to take a product to market, but there is also always going to be a certain level of risk to the public. This could leave you vulnerable to claims made against your business.
Product liability insurance covers the cost of compensating anyone who is injured by a faulty product that a business has designed or manufactured. When developing products within the life sciences industry, you must be protected at all times. Even businesses with the most comprehensive trials and testing can make mistakes, and without products liability insurance you can be left to fork out to cover compensation claims.
Product Contamination Insurance
Contaminated products insurance is designed to offer cover against the costs involved with recall and loss of growth profiles following accidental or malicious contamination. Due to the nature of the industry, the contamination of supplies can have a drastic impact on the end-user, whether it be for commercial or domestic use. At a moment’s notice, hundreds or even thousands of products may require recall which can have serious impacts on business.
Deviations in Controlled Environments
Managing risk within the workplace is a challenge every business has to overcome. Those working within the life sciences industry have to take these risks with exceptional caution due to the controlled environments they work under. Businesses working within the life sciences sector would be recommended to consider whether they require insurance that covers any deviations in the strictly controlled environments the business requires to operate.
Life Sciences Division – All Med Pro
At All Med Pro, we take pride in offering businesses a fully tailored solution to complex risk management requirements. Businesses working within the life sciences sector must have the correct level of coverage in place to ensure that they are not left vulnerable to claims being made by a third party. With All Med Pro’s industry experience and speciality cover, you are left with total peace of mind that your business is protected at all times.
Here are some examples of the types of businesses that we can work with and provide Medical Product Insurance to:
- Medical device
- Analytical instruments
- Drug delivery systems
- Diagnostic kits
- Hospital products/supplies
- In-Vitro diagnostics
- Laboratory equipment
- Personal protective equipment
- Surgical equipment
We can consider covers for insurable risks that a lot of ‘general insurers’ and brokers alike do not offer or understand. Such as:
- Product contamination
- Products liability for both bodily injury and property damage
- Deviations in controlled environments