Life Sciences

Biotech and pharmaceuticals are fast-paced, constantly evolving and highly innovative. The COVID-19 pandemic has demonstrated its importance and will only continue to unlock its unlimited potential. After all, the COVID-19 vaccines was the result of years of substantial research that required cutting edge technology and equipment, and clinical trials. Consequently, the risk involved is immense, as the requirements present perils such as faulty equipment, spoilage leaks and health hazards.

In this line of work, it does not matter if you are small or big; the nature of the business is complicated which means that there is complicated risk. A key indicator of the effectiveness of your risk management is whether your protection is sufficient enough to remain on the highest end of the spectrum in terms of research and development.

Medical devices and its technological advancement has led to countless life saving procedures, yet the abundance of supplies that the medical field requires could also mean life and death to those distributors. Working within this industry means that you are responsible for potentially life-saving equipment, which can be a precarious position to be in. 

 

Further complex developments such as advances in 3D printing and bionics, machine learning, artificial intelligence and data analytics suggests that despite the technological advancements we’ve seen thus far, we are only in the infancy stage as there is much more room to grow. In terms of its effect on insurance, these devices are bound to be used in hospitals to help patients, and the margin for error will be incredibly slim. With such high risks, it only makes sense to manage the situation with insurance.

At CHAZ, we understand the importance the life science sector brings to the world. The risks it take may be enormous, but we recognize the impact it can make in the long run and fully support our clients achieving their goals.

Through our vast experience, CHAZ Insurance Brokers Ltd. recognizes and understand that each and every business, organization and industry are unique in their own ways and can have completely different risks. Henceforth, the content provided are solely examples of the risks that may or many not be relevant to your business. To learn more, contact us on the form below.