Types of renewable energy sources
The Biotechnology industry faces many unpredictable risks due to the scientifically intensive nature of the operations conducted.
Some of the main trends in biotechnology are Disease treatment, computer aided drug design, anti-aging, nanomedicine, fertility tech.Biotechnology is the practice of using plants, animals and micro-organisms such as bacteria, as well as biological processes. This includes ripening of fruit or the bacteria that break down compost – to some benefit.
Biotechnology is used in industries such as medicine and agriculture to produce foods, medicines, test for diseases and remove waste. Biotechnology has formed the basis of learning about people and diseases.
Risks faced in Biotechnology include
Research and development Various risks may arise at this stage due to human error, misplaced items, ill-followed procedures, and everyday accidents.
Clinical trials Unintended consequences such as mutations or troubling results could shut down development.
Product launch In a recent study, only 1 in 10 clinical trials meet FDA approval.
Property protection Lab equipment, lab facilities, manufacturing tools, and many more items are worth a lot of money in the biotech operation.
Having the right cover in place can help protect and grow biotech companies.
Types of Coverage recommended
for Biotechnology companies
General liability provides broad protection against most fundamental risks.
Workers compensation covers expenses when employees sustain work-related injuries.
Cyber liability protects companies from third-party lawsuits related to electric activities.
Directors and officers Insurance comes into play when leaders face lawsuits of allegedly wrongful doing.
Product liability Insurance covers defence fees and settlements from third parties claiming bodily injury or property damage.
The cost of insurance for biotech companies depends on a number of things
- Size of the company
- Stage of development
- Exposures: risk being insured
- Company practices: safety, compliance & risk management
- Program structure
- Claims history
We help guide you through the insurance and risk management process in order to give you peace of mind.