Benefits of Partnering With a Miami Life Sciences Insurance Broker for Global Clinical Trials

Miami, Florida, is known to be a sunny beachside destination, brimming with nightlife and easy ways to get away from daily duties and relax. However, it is also a growing hub for clinical, life-saving scientific research. Keep in mind that standard insurance policies won’t often help the unique challenges a life science company may face, and there are several key benefits of partnering with a Miami life sciences insurance broker for global clinical trials.

During global clinical trials, a life sciences company may face a wide range of complex and diverse risk exposures. Whether you are conducting cardiovascular trials through the University of Miami Health System or are currently in the developmental phase of a new drug, it is important that you have a detailed insurance plan in place that can protect you in any case of product or professional liability that may arise in a global clinical trial

Defining Miami Life Sciences Insurance

By mid-2024, it was reported that over 515,000 clinical trials were being held worldwide, with a large portion of those being handled within the United States. With such a huge number of trials, it is no wonder the demand for life science insurance in Miami has grown over the years. Life science insurance offers customers nuanced coverage that can protect them when creating and entering into trials for any new medical devices, pharmaceuticals, biotech, and much more.

This unique insurance coverage can help companies or other organizations manage the risks often associated with the highly regulated industry of global clinical trials. When creating a new drug, biotech, medical device, or even some nutritional supplements, research is imperative. Not only can insurance help cover any damage to research equipment, but it can also help protect companies against professional or product liability claims from trial participants.

Global clinical trials have increased by 38% over the last decade, calling for the need for life sciences insurance. When these trials take place, your company or organization must face a wide range of complicated regulatory requirements while also dealing with the risks that come with the many phases of said trial.

During a global clinical trial, certain forms of life sciences insurance, such as professional liability insurance, can help protect the parties involved in the trial, such as scientists, consultants, or engineers, from claims of malpractice, negligence, or breach of professional duty.

Additionally, it can also provide product liability insurance. This coverage can be crucial when dealing with any claims associated with alleged injuries, financial loss, or property damage that has been supposedly caused during the clinical trial.

A combination of these two forms of life science insurance is crucial for Miami companies that hope to protect themselves and their important work against risks like trial errors and professional negligence claims. There are several key benefits to having this insurance in place, including:

• Mitigating financial losses
• Protecting your company’s professional reputation
• Avoiding legal issues to focus on growth and innovation

If you are involved in a life sciences company involved in a global clinical trial, Dylan Ventura at Wilson, Washburn, & Forster Insurance, Inc., is here to help.

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Benefits of Working With Wilson, Washburn, & Forster Insurance, Inc.

In 2022, the top 15 pharmaceutical companies spent over $138 billion on research and development. That is a lot of money. With so much at stake in global clinical trials, it is imperative that you ensure your life sciences company is protected against parties who may try to seek further funds through predatory means.

When your company is facing global clinical trials, contacting a risk and insurance consultant is a smart way to ensure you are getting the right insurance to cover your needs at the right price. Wilson, Washburn, & Forster Insurance, Inc. comes with a complete understanding of FDA regulations, has experience in risk management for global clinical trials, and understands all the risks and exposures that can occur in this process.

At Wilson, Washburn, & Forster Insurance, Inc., we are passionate about protecting you so that you can focus on the challenges of your trial and researching life-saving medications or medical methods. We are here for you through every phase of a global clinical trial, from discovery to production.

FAQs

Q: What Life Sciences Companies Can Benefit From Insurance?

A: There are several life sciences companies who can benefit from the vital form of life science insurance, including biotech firms, pharmaceutical companies, clinical trial facilities, academic institutions, nutraceutical and food supplement companies, drug manufacturers, medical device and supply companies, medical tech manufacturers, drug wholesale manufacturers, development facilities, and laboratories.

Q: What Are Some Other Insurance Coverages That Can Be Offered to Life Science Companies?

A: Having a comprehensive life science insurance portfolio can help protect your business with coverages for issues such as contamination or recall, property damage, cyber security issues regarding data and privacy, research risks, business interruption from FDA recertification needs, and product or professional liability issues that can arise during the many stages of medication or medical method trials.

Q: Why Do I Need Global Clinical Trials Life Science Insurance?

A: In a global clinical trial, human lives are often involved in ensuring a new medication or medical method is safe. In some situations, these individuals may seek certain claims for damages that can end up hurting your life science company and keep you from directing funds toward your necessary and important work. Thankfully, with the right insurance, you can be protected from these claims.

Q: What Is Property and Wind Coverage for Life Science?

A: Many life science companies have specialized equipment or materials that can come with high price tags. In addition to insurance for global clinical trials, property and wind insurance coverage can have several safeguards in place to protect your company, including protection against contamination or spoilage, coverage of any equipment breakdown, or protection for your building or laboratory.

Speak With a Miami Life Sciences Insurance Broker Today

In Miami, Florida, life science companies and organizations can face a wide range of complicated risks during a global clinical trial. It is vital that their insurance goes beyond the standard business policies and meets the unique needs of their operation.

At Wilson, Washburn, & Forster Insurance, Inc., we want to help you implement the right insurance strategy to ensure the success of your trial and help address any potential risks. Contact our offices today to discuss a policy.