|Life Science and Technology|
The Understanding and the Expertise
Arthur Hall Insurance has the understanding and expertise to provide comprehensive risk management solutions and insurance programs for life science and technology firms. We represent and have access to the leading national insurance carriers who understand your unique challenges and have special programs tailored to your industry. We partner with you as you go through the traditional phases from research and development to product launching. Some examples of the types of coverage we have available include:
- Product Liability, including Worldwide Clinical Trails Coverage
- Professional Liability
- Property Coverage
- General Liability
- Director’s and Officer’s Liability
- Cyber Liability
- Worker’s Compensation
- Automobile Liability
- Employee Benefits
- Foreign Liability
This provides protection for errors or omissions related to your professional work. This is often the most expensive of the coverages purchased by life science and technology firms and they are most commonly written on a “claims-made” basis. Some premiums start as low as $1,000 and go up to several thousand dollars depending on the industry, limits, areas of practice, and number of professional staff in the firm.
This provides protection for claims of bodily injury and property damage that you or your employees cause to others. Sometimes referred to as premises liability, it is a lower hazard exposure and therefore the least expensive.
Life science and technology firms typically have a wide variety of equipment and intellectual property they develop that needs protection. The insurance professionals at Arthur Hall Insurance help you evaluate those exposures and transfer the risk. This includes coverage for your spoilage, change in temperature, computers, data, general office equipment, and relocation expenses.
Claims-Made vs. Occurrence-Based Coverage
The coverage is based on when the claim is reported. To trigger coverage the following must be in place:
- Claim is reported during the current policy period. The company providing the insurance coverage when the claim comes in is the company that is responsible for the claim.
- Incident must have occurred prior to the retroactive date (the time coverage was first put in place).
The coverage is triggered when the incident occurred. Thus, the company insuring the firm when the incident occurred will be responsible for the claim, regardless of when the claim is reported.
Every state has Worker’s Compensation laws that state that employees may not seek legal action against their employers for work-related injuries. However, in exchange for that exemption the employers must purchase a Worker’s Compensation policy to provide medical, disability, occupational rehabilitation, and death benefits to the employees in the event of a work-related injury.