Due to the unique nature of the Life Sciences sector and the inherent risks associated with its activities, it’s crucial for companies operating in the sector to have comprehensive Property & Casualty (P&C) insurance coverage. P&C insurance provides protection against damage to property and liability for bodily injury or property damage caused by a company's operations or products.
Gallagher Specialty provides Property insurance for the physical assets of Life Sciences companies — including buildings, laboratories, equipment and inventory — against perils such as fire, theft and natural disasters. Given the high-value assets and specialized equipment involved in Life Sciences research and production, Property insurance is vital to safeguard against financial losses and interruptions to operations.
Our Casualty team also provides liability coverages; because Life Sciences companies develop and manufacture drugs, medical devices and other healthcare products, there’s always a risk of product defects or failure that could result in harm to patients or users. Product Liability insurance provides coverage for legal defence costs, settlements and judgments arising from claims of bodily injury or property damage caused by a company's products. We also offer General Liability that protects against third-party claims for bodily injury or property damage resulting from non-product-related incidents. General Liability insurance can include coverage for premises liability, advertising injury and personal injury claims that may arise from a company's day-to-day operations.
By securing appropriate P&C insurance, these organisations can focus on advancing scientific innovation and healthcare, while having peace of mind knowing they’re protected against liabilities and property damage.