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Insurance for Life Sciences Companies
Industry overview
Life Sciences insurance offers specialized risk management solutions for organizations developing and advancing technologies in pharmaceuticals, biotechnology, medical devices, and related fields. Designed to address the unique exposures of the life sciences sector, this insurance supports companies as they innovate and expand globally with tailored protection and industry expertise.
Chubb provides coverage for General Liability, Products Completed Operations, Clinical Trials, and Product Recall. Additional options include Errors and Omissions, Healthcare Liability, and Cyber.
Chubb offers in-house risk consulting expertise to help life sciences companies identify, mitigate, and control risk. Chubb delivers advanced services in business continuity planning and supply chain disruption, consultation and installation of water and temperature sensors to protect valuable facilities, and infrared thermography analysis to identify hot spots without disrupting operations.
A Medical Device Manufacturer chose Chubb for its comprehensive property offerings, including unlimited business interruption indemnity and global capabilities, ensuring business continuity and regulatory compliance across multiple countries. The client valued Chubb’s simplicity in admitted coverage and consistent claims support for international operations.
Who we serve
Chubb has deep expertise across the spectrum of life sciences companies and their activities from start-ups to the world’s largest companies
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Pharmaceutical and biotech companies
From start-up firms with a single promising compound to clients brining multiple drug targets through global clinical trials, you can count on our products, services and financial strength throughout your company’s life cycle.
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Site management and contract research organizations
One policy form with three coverage parts enables customized coverage with one insurance carrier. When trying to bring a new drug or device to market, a site management company or contract research organization needs flexible coverage to manage exposures.
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Clinical trials
Chubb’s global network and Life Sciences expertise uniquely qualify us to help you coordinate your clinical trial insurance programs, helping to avoid costly delays.
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Dietary supplement companies
As consumers have become more conscious of their health and well-being, your industry has expanded to meet the growing demand for dietary supplements. We provide specialized property and casualty insurance solutions to well-managed companies in this segment.
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Life sciences services organizations
Outsourcing has led to rapid growth in your industry. You face a full range of regulatory compliance, product liability and financial industry concerns. Our innovative errors or omissions insurance, along with our other industry-leading solutions offer the tailored protection you need.
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Medical device companies
Rapid technological advances, emerging litigation risks, a global marketplace and increasing demand for your products keep your risks in constant flux. Our innovative all-lines solution and leadership in risk consulting and claims help us serve your unique needs.
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Products and Services
From supply chain disruptions to the constant search for breakthrough innovations, life sciences companies face scrutiny, pressure, and ever-changing liability risks. Chubb supports our over 6,000 life sciences clients in their ground-breaking and life-saving work with our specialized and dedicated life sciences practice team.
Chubb Risk Consulting & Resilience
Meet our Life Sciences Industry Practice Leader
Lee Farrow | EVP, Life Sciences Industry Practice Leader
“We pride ourselves on being ready with products and solutions that meet the emerging needs of these companies as they pursue scientific breakthroughs.”
Emerging risks
Trusted to help manage your life sciences risk
Middle Market Indicator
Chubb partners with the National Center for the Middle Market (NCMM) to support the Middle Market Indicator (MMI), a semiannual research survey launched in 2012. The insights gained through this partnership plant the seeds of new ways Chubb can support and protect middle market businesses in a rapidly changing world. The MMI polls 1000 executives (CEOs, CFOs and other financial decision makers) from middle market companies with $10 million to $1 billion in annual revenue.
Frequently asked questions
Our package policies include contingent business income coverage that indemnifies your company in the event of a loss from a covered peril to property of third party suppliers that disrupts the supply chain. We will help you to evaluate your contingent business interruption limits needs carefully by providing a basic business income calculator. For larger, more complex organizations we can assign you a business income consultant to determine what you need.
Perishable property is often the most critical asset of a life sciences company, so we understand that any malfunction or loss of power to refrigerators or freezers, or any introduction of contaminants, can be devastating. Our property policy includes all-risk ‘change in controlled environment’ insurance for spoilage of perishable property at owned locations, and in transit. It also covers contamination from bacteria, mold, mildew, viruses, microorganisms, pathogens, radiation, or airborne microbes.
In addition, we take a proactive approach to risks of spoilage and contamination, helping clients develop loss control recommendations.
We can review clients' third party contracts from a risk management perspective to help the clients and their attorneys identify potential liability risks that may be presented. We can work with clients' insurance agents and brokers to help ensure they appreciate these risks as they advise their clients on applicable insurance solutions.
Resources
Insights and expertise
