Biotechnology and Pharmaceutical
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.
Device and Technology Distributors
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.