Miami Life Sciences Insurance

Standard business insurance policies don’t deal very well with the unique risks your life science company faces. Miami’s healthcare sector continues to grow faster with state-of-the-art developments. The Life Science insurance experts at Wilson, Washburn & Forster understand the unique coverages and risks for businesses in this space. Including medical, pharmaceutical, vitamin & supplement, and biotech. We offer specialized coverage tailored for pharmaceutical companies, medical device manufacturers, supplement and vitamin manufacturers, suppliers and distributors, and biotechnology firms.

Your life science business needs protection that goes beyond basic coverage. A detailed insurance plan should protect you with professional liability insurance, product liability protection, and clinical trials coverage. We will help  you understand the insurance solutions available to Miami’s life science companies, such as:

• General Liability (GL)
• Product Liability
• Professional Liability
• Errors & Omissions (E&O)
• Directors & Officers (D&O)
• Employment Practices Liability (EPLI)
• Commercial Property
• Commercial Auto
• Cargo/Stock Through Put (STP)
• Cyber insurance
• Work Comp

Wilson, Washburn & Forster will help protect your organization’s future with informed decisions.

Understanding Life Science Insurance

Life science insurance offers specialized coverage that protects companies working in medical devices, pharmaceuticals, nutritional supplements, biotechnology products and more. This detailed insurance solution helps organizations manage their unique challenges and risks while operating in this highly regulated industry.

Definition and importance

Life science insurances safeguard companies, such as Contract Manufacturers (CMO), that research and/or develop nutritional supplements; also includes pharmaceutical preparations, medical devices, and biotechnology products. The coverage offers modular options that let you tailor protection to your company’s operational needs. Traditional business policies don’t deal very well with life science operations’ complex risks, which makes this specialized insurance significant.

Key coverages for life science companies

A comprehensive life science insurance portfolio should protect your business with these vital coverages:

• Products-completed operations coverage with professional liability options
• Clinical trials insurance to protect against research risks
• Property and casualty coverage that safeguards research equipment
• Business interruption insurance that includes FDA recertification needs
• Contamination and recall coverage to handle product issues
• Cyber liability protection to secure data and privacy
• D&O – Directors and Officers Coverage to protect the board of directors against 

Unique risks in the life science industry

Life science companies face unique challenges that demand specialized risk management strategies. Your organization must deal with complex regulatory requirements while handling risks in research and development stages. Supply chain weaknesses create major operational risks, especially when you have active pharmaceutical ingredients and critical components at stake. Your business needs protection from product recalls, clinical trial issues, and intellectual property disputes.

Partnerships with contract manufacturers and research organizations add new risk dimensions that need careful evaluation of third-party relationships and compliance requirements. The growing use of technology and data analytics exposes companies to cyber threats and raises data integrity concerns.

Tailored Insurance Solutions for Miami’s Life Science Sector

Miami’s thriving life science sector needs specialized insurance solutions that align with your operational requirements. Regional insurance leaders like Wilson, Washburn & Forster provide complete coverage packages to protect your innovative work and handle complex risks in life science operations.

Product and Professional Liability

Life science companies in Miami face a unique set of risks due to the complex nature of their operations. Product liability insurance is crucial for these companies as it protects them from claims arising from injuries, property damage, or financial loss caused by their products. This coverage is essential to safeguard the company’s reputation and financial stability, especially in the event of product recalls or lawsuits.

Professional liability insurance, also known as errors and omissions insurance (E&O), is equally important for Miami life science companies. This coverage protects professionals such as scientists, engineers, and consultants from claims of negligence, malpractice, or breach of professional duty. It covers legal defense costs and potential settlements or judgments, providing essential financial protection for these professionals.

The combination of product and professional liability insurance is vital for Miami life science companies. It offers comprehensive protection against a wide range of risks, including product defects, clinical trial errors, research misconduct, and professional negligence. By having this insurance in place, life science companies can mitigate financial losses, protect their reputation, and focus on innovation and growth.

Errors & Omissions [E & O] Liability 

E & O liability coverage protects your business from claims related to professional services, formulation and/or design, consulting, and research activities. 

Safeguard your life sciences business with comprehensive E&O coverage. Our tailored coverage empowers you to confidently pursue strategic partnerships and contract services, knowing you’re protected against unforeseen errors and omissions. With our deep industry knowledge, we deliver the right level of coverage to mitigate risks and drive sustainable growth.

Property and Wind coverage

Life science companies need strong protection for their specialized equipment and materials. Our property coverage has essential safeguards that protect your business:

• Protection for buildings, machinery, equipment and laboratory facilities
• Varying levels of raw materials, inventory, and work in progress
• Business interruption insurance to keep your business afloat
• Contamination and spoilage protection
• Equipment breakdown coverage
• Intellectual property coverage for patents, trade secrets, and research.

Clinical trials coverage

Companies conducting research projects with human participants need clinical trials insurance. This specialized coverage protects through project-by-project arrangements or annual contracts that comply with local regulatory requirements. The insurance has compensation for physical damage, health impairment, and medical expenses that trial participants may need.

Choosing the Right Life Science Insurance Provider in Miami

Life science companies must evaluate several critical factors to choose the right insurance provider. Your complex industry just needs a partner who provides more than standard coverage options.

Expertise in the life science industry

Life science sector insurance providers must demonstrate deep knowledge and substantial experience in the field. The best carriers have 30+ years of industry experience and understand product development processes and regulatory requirements. These providers prove their expertise through:

• Complete understanding of FDA regulations
• Clinical trial risk management expertise
• Understanding of risks and exposures throughout product development process
• Strong grasp of industry-specific compliance requirements
• Proven success with other life science organizations

Customization capabilities

Wilson, Washburn & Forster Insurance will give you flexible solutions that match your operational needs. Customizable coverage packages must tackle your current requirements and prepare for future needs while your organization grows. We will help create budget-friendly solutions that protect your research, development, and manufacturing processes.

Claims handling and support services

Your insurance partnership needs significant claims management and support services to work well. 

Responsive Service: A dedicated team that knows the technical aspects of life science claims. They respond quickly with smart solutions and pay close attention to every detail during claims processing.

Risk Control Services: Complete risk management support with assessment tools and industry-specific guidance. These services are a great way to get help spotting potential risks and building strong risk mitigation strategies.

Technical Support: A team of specialized underwriters, claims managers, and specialty brokers who understand both insurance and your business operations’ unique challenges.

Wilson, Washburn & Forster Insurance offers protection that grows with your organization. We provide exposure-driven coverage that protects everything and adapts to your changing needs. We are here to do more than write policies – we become your strategic collaborators to protect your organization’s future.

Why Life Science Companies Choose Wilson, Washburn & Forster Insurance

Life science companies in Miami face complex operational risks that just need specialized insurance solutions beyond standard business coverage. Professional liability protection, clinical trials insurance, and complete property coverage are the foundations of a reliable risk management strategy. These specialized insurance solutions, combined with proactive risk assessment and prevention measures, help protect your organization’s valuable research, intellectual property, and operations.

Your life science company needs an insurance provider like Wilson, Washburn & Forster; a Miami commercial insurance company that understands the unique challenges of pharmaceutical, medical device, and biotechnology operations. The insurance strategy should grow with your organization and address new risks while you keep complete protection for existing operations. Coverage choices backed by experienced providers and custom risk management programs will help your life science company grow steadily in Miami’s innovative healthcare sector. Contact us today to discuss your policy.