Travelers offers new product liability insurance for life sciences companies

Travelers introduced Travelers Synergy, a new customizable product liability coverage tailored to life sciences companies. The offering will help medical technology, pharmaceutical, biopharmaceutical and digital health companies with the costs of product-related claims.

In addition to coverage for losses due to product- or work-related bodily injury or property damage, Travelers Synergy offers add-on coverages, including:

• Errors and omissions liability coverage – Protects against financial loss caused by errors, omissions or negligent acts in connection with the company’s products or work.
• Product recall expenses coverage – Provides reimbursement for certain product recall expenses directly attributable to a Class I recall of medical or biotechnology products.
• Clinical trial medical expenses coverage – Provides payment for medical expenses for bodily injury occurring during a clinical trial, regardless of fault.

Customers will have access to Travelers’ resources and support, including the Life Sciences Business Torts Claim team, a group of experienced Claim professionals who understand the intricacies of products liability and complex business disputes; specialized safety professionals; interactive risk management tools; and training services.

Travelers has been insuring life sciences businesses for more than 40 years, covering a range of specialties, including manufacturers of brand name and generic drugs, biologics, biosimilars, pediatric drugs, cell and gene therapy solutions, and veterinary pharmaceuticals and nutraceuticals.

Travelers Synergy will be available in most states for policies effective on or after April 1, 2025.

“Life sciences companies are dedicated to improving health care through innovation, and having liability coverage that addresses their individual needs can give them the confidence to create new solutions and bring them to market. Travelers Synergy provides a menu of insurance options that protect against issues arising from the product at any point in its development life cycle, from research to distribution.” – Jennifer Ampulski, Life Sciences Practice Lead at Travelers.