 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.  Not sure how to save money on auto insurance? Many auto insurance companies provide discounts and advantages to help you save money on your auto insurance plans. Consult your insurer's agent to see how you might save.
Your auto insurance provides financial security and comfort of mind. Choose a firm that offers competitive rates while still providing dependable coverage: request suggestions and personal experiences from friends and family. Having an agent help, you will reduce much of the time and stress involved in finding the right auto insurance for you. Bundle Your Insurance Bundle your insurance if you have multiple automobiles or different types of insurance. You can combine your policy with other plans such as homeowners' or renters' insurance, boat insurance, motorcycle insurance, and even umbrella insurance. If you buy more than one policy from the same company, you'll get a bundle or multi-line discount. Be A Safe Driver Customers having a history of accidents and movement offenses (including speeding tickets) typically pay a higher premium since they pose a greater risk of driving. According to Insurance.com, even a single traffic ticket can raise your auto insurance price by 19%. Change Your Deductibles If you are a safe driver, you'll almost certainly never have to make an insurance claim or pay a deductible. If you're unfamiliar with the term "deductible," it refers to the amount you pay out of pocket before your insurance company pays the rest of your claim. The deductible for most insurance is around $500. Increasing it to $1,000 or more could result in lower monthly premiums. Low Millage Plans Low-mileage discounts may be available if you drive less than the average amount of miles in your area. You might also choose for a "pay-as-you-go" plan, which charges you based on the number of miles you drive. If you work from home or have a short commute, these are extremely beneficial.\ Pay Your Premium In Full If you pay your insurance premium in full instead of monthly, your rate for car insurance can go down. Consider The Car Your insurance prices are influenced by the type of car you drive. Because of the heightened danger of injury and the increased demand for collision coverage, premiums for expensive sports cars are frequently excessive. Furthermore, larger SUVs are more expensive to insure than smaller (safe) cars. Premiums for new autos are also greater than for old or used vehicles. Location You can expect your auto insurance costs to rise if you move to a larger city with greater crime rates. Have Your Agent Shop For You Companies charge different premiums for the same coverage. Without utilizing an agent, you may not know this. Your agent can offer a number of options based on your individual needs. Check to see if the company is licensed to operate in our state. Ask For Discounts Here are some of the discounts you should inquire about
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 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. 5/10/2022 Insurance For Summer Fun A Personal Insurance Update
When spring and summer arrive, we are ready to get out more and spend time in the great outdoors. That means getting your toys insured. That is where we can help. We offer insurance coverage options and competitive prices on all kinds of toys, including boats, personal watercraft, RVs, motorcycles, ATV, and more. All of these vehicles require insurance to protect you from damage and liability. It is critical to have the right kind of insurance coverage for your recreational vehicles. The majority of these are not automatically covered by your home or auto insurance policies. You can choose not to insure physical damage to your recreational vehicles, but you must still have liability insurance. You may be required to insure these vehicles if you have loans on them. Motorcycle Insurance Motorcycle insurance should be an important part of your insurance planning. Having insurance will help you replace any damaged property and cover medical bills in the event of a serious accident. Depending on the bike, motorcycle insurance is less expensive than car insurance and will provide you with peace of mind while riding. Most types of motorcycles are covered by our insurance policies, including sport bikes, cruisers, standard bikes, touring bikes, custom motorcycles, scooters, and classic motorcycles. Our policies can also include liability coverage, uninsured motorist coverage, medical coverage, custom equipment, medical payments, towing, and labor. Check your current motorcycle insurance policy to ensure that each piece of special equipment is listed. ATV Insurance Your ATV is a significant recreational investment. The last thing you want to be concerned about while riding is whether you have adequate insurance coverage. You can ride your bike with confidence knowing that you're properly insured with a customized All-Terrain Vehicle insurance policy Whether you ride a 4-wheeler, a dune buggy, or even a golf cart, you can get the ATV insurance you want and the insurance protection you deserve with coverage options such as:
RV Insurance RV insurance rates vary from one company to the next. It is critical that we shop your insurance to ensure that you get the best coverage possible. A one-size-fits-all insurance policy does not exist. Some insurers provide better rates for trucks, RVs, and campers, whereas others provide better rates for expensive motorhomes. We can cover vehicles in classes A, B, and C. • Liability Coverage for RVs • Collision and comprehensive insurance • Around-the-clock roadside assistance • Uninsured/underinsured motorist protection • Money for unexpected expenses • Contents coverage • Towing protection • Medical payments insurance Classic Car Insurance A classic, collectible or antique car is no ordinary car, and regular auto insurance is not sufficient to protect such a vehicle against damage or loss. Many of the same coverages are provided by a classic car insurance policy as they are by a standard auto insurance policy. A classic car policy may include liability coverage, uninsured/underinsured motorist coverage, and medical coverages such as personal injury protection, liability, or medical payments coverage. You can also get reimbursement for towing and roadside assistance. Watercraft Insurance Whether you own a sailboat, a luxury yacht, or something in between, our comprehensive watercraft policy is tailored and designed to your specific needs and includes broad navigational limits to protect you in both domestic and international waters. We will search the market for the boat insurance program that best fits your individual needs.
Golf Cart insurance Accidents involving golf carts can occur at any time and in any location. While on the golf course, you may cause damage to someone's property or be involved in an accident. Golf cart insurance is essential because it protects you from these types of risks. Coverage can include; liability, physical damage, collision, and comprehensive coverages. Personal Watercraft Insurance In the event of an loss, accident, or damage, or theft, personal watercraft insurance should cover your PWC/jet ski. PWC insurance can cover physical damage, bodily injury, medical payments, towing, and roadside assistance, among other things, depending on the specifics of your policy. We will collaborate with you or your agent to design a coverage plan tailored to your specific requirements. 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.  Take a look at these insurance buying tips for bundling your home and auto insurance policies to ensure you get the best deal! When you have multiple types of insurance plans with the same insurance company, you have a "bundle" of policies. When you get a discount for bundling your policies with one insurance provider, it's called an insurance bundle discount. Policies You Might Bundle
Bundling your insurance could provide several advantages. Although these advantages will likely fluctuate by the carrier, the money you save on your policies and the time you save managing your policies are two of the most typical perks of bundling. Getting numerous separate policies from the same insurer can save you a lot of money. While particular savings are dependent on the insurer as well as the types and number of insurance purchased, Purchasing multiple policies (home, auto, or motorcycle) from the same insurer can be more convenient than purchasing multiple policies from other companies. Multiple policies can often be handled or obtained from the same insurance agent using the same online account. How To Get Started Contacting your insurance agent is an excellent place to start if you're interested in bundling your coverage. Your agent should be able to assist you in finding the ideal policy combination to meet your coverage and financial requirements. 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:
 I get this question a lot from Life Science companies and it's an excellent question. You have so many things to worry about, from funding to FDA approval, where does insurance fit into the Life Sciences picture. Can it be put off? This particular post is pertaining to Property & Casualty Insurance, not Health Insurance. If you answer, YES, to any of the questions below, you should contact a Life Sciences Insurance professional.
Do you have employees or contractors acting as employees? Work related injuries happen no matter how safe you make the work place environment. According to the CDC, falling down is the most common office injury. This could be from wet floor or tripping over something (a work bag, cord, chair, etc.). A Workers Compensation policy will respond to these types of office injuries, and quite frankly, they could be costly. Do you have office space? If you have office space, you most likely have guests entering for meetings. What happens if they get injured on the premises? You most likely will be held liable. If your landlord hasn't required you to have General Liability Insurance, it's probably only a matter of time before they ask for a Certificate of Insurance. Take the time to get it now rather than having to scramble to get it. Do you have product/inventory, office equipment or medical equipment? Basically, any property that your company owns. Even if it's minimal, why risk it? I tell people, if it's minimal, chances are the premium will be minimal as well. When it comes to property insurance, when have you ever regretted purchasing it? As you can see from the above, it's really during the infant stages that you should be working with an experienced Life Sciences Insurance broker that is familiar with the industry. It's not worth the risk to forgo the coverage. You might be thinking, we are pre-revenue and don't have any money for a policy. Fortunately, a policy for a Life Sciences company in the initial stages of business certainly won't break the bank. This is where working with a broker like Strive Insurance Group has its advantages. Feel free to call or email me if you have any questions or would like a quote. Jason Matison Commercial Insurance Agent Austin, Texas  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
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