 Biotechnology is designed to push the boundaries of innovation and creativity. Your work aims to provide solutions to various local and global problems, including overpopulation, food insecurity, disease, climate change, and more. As such, your work is inherently risky and occasionally controversial. Any biotechnology company's risk-management strategy must include biotechnology company insurance. Below, we discuss some of the risks biotech companies may face and how biotechnology insurance can mitigate some of those risks.
We actively manage threats to the following industries:
Strive Insurance Group, Inc. (formerly Gordon Lund Insurance Agency, Inc) is an independent insurance agency representing many insurance companies. This means that we quote with many different insurance companies to obtain the best rate and coverage for your insurance. We do this at no additional fee or service charge to you. Our insurance agency's reputation for representing the best insurance companies, providing excellent customer service and competitive pricing to our clients has been earned and proven for over 30 years. We take great pride in finding you the best coverage and backing it up with prompt personal service. We represent, and have established a strategic alliance, with only the highest quality insurance companies. In doing so, we can provide you with the service and coverage to meet your dynamic needs. As your needs change, we can review and collaborate to decide which insurance company or companies are best suited to your situation  The life sciences industry is intricate and dynamic. Life science companies have unique coverage challenges due to exposures such as research and development costs, clinical trials, and a litigious environment.
We are familiar with the unique coverage requirements of the life science industry. We offer insurance programs designed specifically for businesses in all phases of medical technology research, development, and manufacturing. Instead of providing you with a single option, we work with a number of partners so that we can source the best options for your risk profile and budget. We provide coverage for medical devices and biotechnology throughout the entire product life cycle, from early-stage research and development to clinical trials and beyond.
Strive Insurance Group, Inc. (formerly Gordon Lund Insurance Agency, Inc) is an independent insurance agency representing many insurance companies. This means that we quote with many different insurance companies to obtain the best rate and coverage for your insurance. We do this at no additional fee or service charge to you. Our insurance agency's reputation for representing the best insurance companies, providing excellent customer service and competitive pricing to our clients has been earned and proven for over 30 years. We take great pride in finding you the best coverage and backing it up with prompt personal service.  Innovative life sciences enterprises are subject to a variety of hazards, including product recalls, failed clinical trials, and legal action. We can assist you with specialized risk management and life science insurance solutions that reduce loss potential, safeguard your financial health, and enable you to keep working at the forefront of science and technology.
The hazards associated with running a life sciences company are numerous and complex, regardless of whether you are at the early stages of discovery or getting ready to launch a product. Knowing what hazards your biotechnology company is exposed to is the first step in mitigating those risks since knowledge is power. A typical biotechnology company encounters the following difficulties and dangers.
Biotechnology and life science are fascinating fields that are constantly evolving. Because of the risks involved, it is essential that a broker has in-depth knowledge of the relevant fields and the capacity to help businesses navigate the dangers that emerge at each level. Our organization offers risk management and consulting services to life science enterprises, which are essential for their present and future success. Strive Insurance Group, Inc. (formerly Gordon Lund Insurance Agency, Inc) is an independent insurance agency representing many insurance companies. This means that we quote with many different insurance companies to obtain the best rate and coverage for your insurance. We do this at no additional fee or service charge to you. Our insurance agency's reputation for representing the best insurance companies, providing excellent customer service and competitive pricing to our clients has been earned and proven for over 30 years. We take great pride in finding you the best coverage and backing it up with prompt personal service.  Businesses in the life sciences industry constantly develop new ways to deliver products that solve problems. Successful medical technology, pharmaceutical, and digital health enterprises write their prescription for success on the cutting edge of progress. Companies on the cutting edge of innovation, on the other hand, run the risk of anything going wrong.
There is no one-size-fits-all "life science insurance coverage" because each life science firm offers a variety of products or services. There's a chance you'll have special or unique insurance needs. A basic commercial insurance program can be expanded to meet some of the specific demands of your company. You will have limited coverage if you merely acquire basic general liability or errors and omissions insurance, but it will most likely not be the correct coverage. That is where Strive Insurance Group can help. We know and understand your industry and can deliver the specialized insurance products you need. Top Risks For The Life Sciences Industry
Life Sciences Insurance. We can provide risk and insurance solutions to help you manage these and other important risks facing your business.  Businesses in the life sciences industry are always developing new ways to deliver products that solve problems. Successful medical technology, pharmaceutical, and digital health enterprises write their own prescription for success on the cutting edge of progress. Companies on the cutting edge of innovation, on the other hand, run the risk of anything going wrong. All this creates new risks and liabilities for businesses in the life science industry.
Our risk team advises enterprises ranging from drug makers to contract manufacturing organizations to big publicly traded medical companies on all aspects of life sciences risk management and insurance. We create proven solutions and coverages that protect your investment. Your Risks Are Real; Our Solutions Are Proven
We understand the challenges in the Life Sciences industry. There are many moving parts and things can change like the wind. That is why we have partnered with companies that offer industry specific coverages to meet your unique needs. It doesn't matter where you are at in the process right now. Whether it's R&D, clinical trials or maybe you've already developed that game changing medical device or drug, we want to help you with your Life Sciences Insurance. Strive Insurance Group, Inc. (formerly Gordon Lund Insurance Agency, Inc) is an independent insurance agency representing many insurance companies. This means that we quote with many different insurance companies to obtain the best rate and coverage for your insurance. We do this at no additional fee or service charge to you. Our insurance agency's reputation for representing the best insurance companies, providing excellent customer service and competitive pricing to our clients has been earned and proven for over 30 years. We take great pride in finding you the best coverage and backing it up with prompt personal service.  The day-to-day operations and challenges of running a business can often overshadow the importance of reviewing your insurance coverage. Updating your insurance may not be at the top of your priority list, what with work, home, and personal obligations. Have you ever wondered when you should update your insurance policy? We recommend your take the time to review your business insurance program before each renewal.
The length of time it takes to renew your policy is determined by the size of your company, the complexity of your risk, and the insurance carriers you use. However, starting conversations two to four months ahead of time has a significant advantage. We have discovered that it allows you to communicate with your insurance broker about various difficulties and ideas. You can talk about potential company developments as well as the various insurance options. A good market strategy can be condensed to five simple criteria regardless of an organization's size, complexity, or risk profile.
To begin with, how responsive is your insurance agent? Is it common for you to be left hanging or suffering in the dark for weeks while waiting for a response to your insurance details? Of course, top-tier brokers are also quite busy. A little common sense goes a long way. People who want your business, on the other hand, are more likely to work hard for it. Consider the following items when selecting your agent
Some agent like to start 120 out from the renewal date, and other say 90 days is ok. We think the more time you have, the better. This gives you plenty of time to plan your strategy and goals, gather data, create attractive underwriting submissions, engage underwriters to consider your options, and get post-binding papers like ID cards, certificates of insurance, and invoices. The idea is never to give an insurer a reason to deny participation because "there isn't enough time. Review Your Risks In Relations To Your Coverage The process of risk and coverage review can be important to ensure your proposed coverage meets your goals. If you have an uncured loss due to a lack of understanding of your risk is never acceptable. This gives you and your agent an opportunity to thoroughly review your risks and design a program to meet your needs. Recognize That Low Price May Not Be The Best Option Often businesses will look to the lowest cost as the main factor in considering which program to select. This may not be in your best interest. Low-cost insurance can mean that there are coverages missing, restrictive terms, or exclusion you may not want to be included in the quote. There are cost-saving options when purchasing or renewing company insurance coverage to help you save a large amount of money. If you can persuade your insurance that your risk exposure is modest, for example, your premium can be lowered. Be Prepared To Negotiate While a small business doesn't have the same bargaining power as a firm that pays a six-figure premium, there are a few things you can ask for, including:
Yes, the renewal procedure can be time-consuming and complicated, with many loose ends. That does not have to be the case. Not if you follow the correct procedures and have a well-defined strategy. A qualified insurance broker specializing in commercial insurance plans may make things a lot easier and more cost-effective. Commercial business insurance is an important aspect of any business that cannot be ignored, especially if the business premises are leased or rented and even otherwise. Whatever your commercial insurance needs, we can design a protection program that’s right for you. 3/22/2022 Insurance For Biotechnology Firms Whether you're dealing with chemicals or arranging research studies, you're probably exposed to a variety of risks on a regular basis. We understand that biotech and life science companies face particular problems, which is why we've developed insurance coverages to keep your company safe.
You may rely on our products, services, and financial strength throughout the life cycle of your organization, from start-ups with a single promising molecule to clients bringing several therapeutic targets through worldwide clinical trials. Common Risks Companies in the life sciences and biotechnology industries use sophisticated equipment and materials, which exposes you to hazards such as:
A Business Owner's Policy can help biotech companies and other businesses in the life sciences industry (BOP). This policy combines three types of company insurance into one simple package:
 Not only is the Life Sciences Industry one of the fastest expanding in the United States, but it is also one of the most vital from a societal standpoint. Biotech work frequently results in significant and inventive discoveries that introduce new procedures and products to the medical and agricultural industries and have a considerable impact on many of the most vital spheres of our lives, most notably our health.
Potential equipment failures, spoilage risks, staff, and public health hazards, supply shortages, and the probability of having to recall products that do not work as intended are just a few of the significant risks that all biotech companies must carefully consider when developing a risk management program that will provide them with the protection they require to remain on the cutting edge of technology and science while continuing down their chosen path of innovation. Why Is Insurance Important? As your biotech company grows and requires additional capital, it is critical to guarantee that daily operations continue to run smoothly and legally. The availability of your goods to the general public dramatically raises your risk, and this risk becomes even more severe as your business grows. Additionally, insurance for biotechnology companies enables you to interact efficiently with the FDA and other regulatory agencies. Key Coverage
Why is it important for biotech and life science companies to have insurance? Businesses in the life sciences and biotechnology industries use costly equipment and materials, which exposes you to dangers such as:
A Business Owner's Policy can help biotech companies and other businesses in the life sciences industry (BOP). This policy combines three types of company insurance into one simple package:
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