Beazley launches life sciences insurance for small businesses

Beazley, a leading insurer of healthcare professional liability and miscellaneous medical risks, has launched an innovative life sciences proposition designed for small businesses.

The Beazley BioSecure policy provides carefully crafted, flexible insurance protection against a wide range of exposures in the pharma, biotech and medical device sectors. It builds on Beazley’s knowledge and experience gained through underwriting life sciences risks and managing claims for middle to large-sized clients for more than a decade.

By introducing BioSecure to smaller, private enterprise (PE) clients, Beazley will also be underwriting such risks as clinical trials, medical device manufacturers, drug delivery systems and surgical equipment suppliers.

The policy provides worldwide coverage for US-domiciled PE firms and includes:

• Products/completed operations
• Clinical research & healthcare professional services – negligent act, error or omission
• Clinical trial medical expenses & monitoring expenses
• General liability

Kathryn Janofsky, Beazley’s head of US Private Enterprise, said: “As the life sciences sector continues to expand at a rapid pace, we see a great opportunity to enhance our offering to meet the needs of innovative organizations and start-ups that are often exposed to complex and emerging risks. BioSecure for private enterprises delivers a tailored, comprehensive solution supported by a first-class, highly responsive claims service to the rapidly evolving medical sector.”