Companies in the biotech field engage in complex research activities that require sensitive, state-of-the-art equipment and often rely on the use of clinical trials. If you operate a business in this industry, it’s paramount that your company and its employees are protected against the risks they face. While it’s likely that you already have workers’ compensation and directors and officers plans, these are not enough to cover all of your liabilities. Below are three additional plans that are essential to organizations working in biotech.
Commercial Property Insurance
This insurance product will protect your property against damage caused by fire, theft, vandalism, storms and other types of disasters. You should also make sure that your commercial property plan covers damage to any fragile equipment used by your company.
Pollution Liability Insurance
Biotech coverages of this type are particularly important if your organization works with chemicals or produces hazardous waste. It will offer protection from third-party claims of property damage and bodily injury.
Clinical Trial Insurance
While your business may apply rigorous safety measures to all of its clinical trials, unforeseen accidents and mistakes can still occur. Clinical trial insurance will pay for any resulting legal defense costs as well as the costs associated with a settlement or judgement.
The biotech industry has produced many advancements in the medical, agricultural and industrial fields, to name a few. This work is often essential to the continued welfare of humanity. Make sure that you and your employees are able to continue these important efforts by getting the insurance protection you need.