Insurance For MedTech Companies
The MedTech industry faces a unique and complex landscape of risks, ranging from property damage and product liability to data breaches and intellectual property disputes. Effectively managing these risks is crucial for the success and longevity of any MedTech company.
This guide provides an overview of essential insurance solutions designed to protect MedTech businesses and their stakeholders, highlighting the specific needs and challenges within this dynamic sector. It explores various types of coverage, explaining how each can mitigate potential financial losses, safeguard reputation, and provide peace of mind in the face of unforeseen circumstances.
It covers several types of insurance, including:
- Property Damage & Business Interruption: Covers damage to property and loss of revenue due to insured events, with specific considerations for R&D income in MedTech.
- Employer's, Public, and Products Liability: Covers legal liabilities for employee injuries, third-party injuries/property damage, and injuries/damage caused by products, respectively. Special attention is needed for licensed technology.
- Professional Liability: Protects against liabilities arising from professional advice or services.
- Cyber Insurance: Addresses data breaches, cyber liability, notification costs, fines, system recovery, and potential cybercrime losses.
- Product Recall Insurance: Covers costs associated with recalling products, including third-party costs.
- Directors' & Officers' Liability: Protects directors and officers from personal liabilities related to their managerial duties, considering the regulatory pressures in MedTech.
- Clinical Trials Insurance: Specifically required for new product trials needing ethics committee approval, with global coverage options.
- Intellectual Property Insurance: Covers costs related to IP disputes, both defending against claims and enforcing IP rights.
- Business Travel Insurance: Covers medical expenses, cancellations, baggage, and accidents for business travel.
If you wish to read our full guide you can do so here.
For more information please contact:
Mark Philmore ACII, Chartered Insurance Broker
Client Director
Email: mp@mflinsurance.com
Direct Dial: 0113 323 1042
Mobile: 07966 233287