 Product Liability Insurance is a type of insurance that business owners frequently ignore. When doing an annual policy review, insurance brokers frequently rapidly gloss over it. This is likely due to the fact that the Product and Completed Operations coverage is frequently included by default in the General Liability part of an insurance policy.
Coverage for product recalls may be included in some plans. However, occasionally this will have a narrower reach. The actual coverage might only cover the expenses paid to inform the public about the recall. In other situations, recall insurance may pay the company owner for the costs associated with physically removing the product from circulation. Recall Coverage paying out for financial losses brought on by the loss of defective products is a much less frequent occurrence. For whom is product liability insurance necessary? Most, if not all, businesses require product liability coverage, is the brief response to the question. The Completed Operations component of this article applies if your company is in the service sector and doesn't manufacture or market tangible goods. One of the most crucial insurance policies for many farms, particularly those involved in direct farm marketing, is product liability coverage. Even some insurance policies for home-based businesses contain it. In reality, product liability cases frequently have the potential to be among the worst losses for small enterprises. This is another reason why small firms should always invest in reasonable insurance plans as soon as they launch their operations. 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. 12/14/2022 We Understand Life Sciences Risk 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. 11/15/2022 Business Insurance Myths Business insurance is crucial in the current economic climate. In case we get sick or hurt, we have health insurance. We have auto insurance to protect us in case of a collision and allow us to drive legally. There is no exception for businesses. The proper types of company insurance coverage are necessary if you operate a business in order to safeguard it. Common misconceptions about company insurance are dispelled as follows:
Only Large Businesses Are Sued Even in our litigious culture, many people are aware that going after a big business in court is frequently a bad idea. They have the financial wherewithal to wait out a plaintiff, tying up the matter in court as their in-house attorney refuses to move. Forty percent of all small firms, according to the Small Business Administration (SBA), are thought to be involved in litigation every year. Therefore, it is highly possible that you will have faced legal action by the time you have been in operation for three years. Insurance Is Not Necessary For Small Businesses Simply said, this claim is untrue. In this litigious environment, any size of company can be sued. Every year, numerous small firms get into legal disputes. The size of your business property, the number of employees you have, or even your revenue are not factors in business insurance. It needs to be based on the risk exposure that your company faces. The correct insurance coverage can assist in protecting your business from catastrophe, regardless of the risk, which may include fire, theft, liability for injuries, or a lawsuit based on a service or product your firm delivered. My Home-Based Business Is Covered By Homeowners Insurance It's crucial to understand that your homes insurance won't offer enough protection for your home-based business if you're self-employed and operate from home. According to the Insurance Information Institute, the median homeowner’s policy only covers business equipment up to $2,500. (III). This might not be sufficient to cover all of your commercial property. Additionally, a homeowner’s policy won't offer liability or lost income coverage, which you could require. Your alternatives for home-based business insurance can include: BOP: This sort of insurance is intended for small to medium-sized businesses. If your home-based business has multiple locations, it is a wise decision. On a far larger scale than an in-home business policy, a typical BOP will cover business property and equipment, liabilities, lost income, and other expenses. The Cost of Business Insurance Is Expensive Although it is not free, business insurance is required to run a business. Cutting costs in a way that puts your company in danger is not a cost-effective strategy. Every day, several small businesses are sued for various reasons. Your company's size, location, and the kinds of services or goods you offer will all affect how much your business insurance will cost. 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. Call our team for a free review.  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.  It is critical that every homeowner or business undertakes an annual insurance review. Regular reviews are equally essential to ensuring that your policy continues to be a good fit for your coverage needs and budget.
In a single year, a lot can happen that can have a significant impact on your insurance costs, coverage options, and limitations, among other things. Among these are the following:
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. Give us a call today; we are ready to review your coverage.  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.  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:
 When it comes to protecting your financial assets like your home or auto, you can't trust just anyone with your investment. Finding a trustworthy and trained insurance agent/broker could mean the difference between having enough coverage for your property following a catastrophic loss and being stuck with a large repair bill. An insurance agent/broker is a specialist who works on behalf of clients to find the best policy or insurance provider for their needs.
Consider the overall fit not just the price, as price can be deceptive. Be careful of someone who sells on low cost, generally it means poor coverage. The same method you used to choose a doctor or dentist can be applied to choose an insurance broker. You want someone with a pleasant "bedside manner," as it were. Understand the differences in agents Direct Writers vs. Independent Agents: There are two ways to obtain insurance coverage from a company. Direct writers are insurance companies that hire their own salespeople to write exclusively for them; they work for the company that employs them. Independent agents work for the insured rather than the insurance company. They do, however, have contracts with multiple insurance companies and can usually provide you with more options. Signs It Is Time To Find A New Agent
Testimonials: Yelp, LinkedIn, Facebook, and other social media platforms can help you determine whether or not a business provides good service. These websites can be useful, but meeting with an agent or broker in person is one of the greatest methods to determine whether or not they will take good care of you. Personal Recommendations: Consult with your coworkers, people you trust, and your circle of friends. Asking a complete stranger is preferable to relying on advertisements or the yellow pages. People are more likely to refer others with whom they have had a good encounter. Ask Questions Consider this like an interview, where you are selecting a person and agency to represent you.
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