Insurance for service providers in the life science industry

What you should look out for as a service provider in the life sciences / biotech sector.

Our clients in the life sciences sector face challenges on an almost daily basis. Whether it is the direct research and development of products/technologies that will later be used in medicine, biotechnology, pharmacy and other areas, global subject studies, handling highly sensitive data or obtaining funding from private and/or public sources.

In order to make this a success, a large number of disciplines and know-how carriers are required, which are usually also provided by service providers. However, these service providers are liable for culpable damage, so they should be insured in the interests of our life sciences clients (insurers as solvent debtors in the event of a major claim).

With regard to the various disciplines, there are a number of potential errors and liabilities, e.g:

Incorrect structuring of the study format,
Accidental unblinding of studies,
Accidental switching off of the "refrigerator" with the samples by a cleaner,
Missing renewal deadlines after admission and in the study / admission process,
Software problems cause data loss, which causes incorrect study results,
Errors in the data analysis lead to false conclusions from the clinical study,
An escrow account payout error,
Insufficient protection of sensitive test subject data.

As a result, there is a risk of additional costs due to discontinuation or interruption of the study or loss of marketing authorization. It is advisable to maintain (financial loss) liability policies for damages, in particular financial losses. The so-called E&O insurance is the central insurance for service providers of life sciences companies. This insurance also covers the defense against unjustified financial claims and the coverage of legal costs.

Whether additional insurance is advisable for you and should be integrated into our life sciences service provider concepts, for example on a modular basis, depends on your range of services. The same applies to the level of cover, if this is not contractually stipulated, on which we will be happy to advise you.

We would be happy to support your institution or you as a sole trader with the right insurance cover for your range of services and also coordinate with your client's insurance cover so that there are no gaps or "overlaps". Talk to us (enquire here now).

Benefit from our expert knowledge

Request our guides now

First name

Last name

Email Address*

Message

I hereby consent to Risk Partners GmbH collecting, storing and using my personal data in order to send me the guide. This consent can be revoked at any time by sending an email to datenschutz@riskpartners.de. I have read and taken note of the data protection information.