Insurance for today’s innovators

When you see your ideas come to life, the future is exciting. But with any new business there will be challenges to overcome and risks to manage and mitigate.

What is life sciences start-up insurance?

Our insurance for new life science companies offers comprehensive and specialist coverage at competitive rates. It helps protect companies from a variety of risks unique to the life science industry, such as product contamination and loss of research and development expenditure.

While you may not want to commit a large section of your budget to insurance, a good policy could be the key to a successful business venture. We believe it is one of the most sensible forms of business continuity planning in the early stages of your development. Here at Gallagher, we understand the need to minimise start-up costs, while still securing comprehensive cover from specialist insurers who understand the needs of your business.

Life science insurance What types of companies do we work with?
  • Biotech
  • TechBio
  • Devices and diagnostics
  • eHealth
  • Pharmaceuticals
  • CBD and psychedelics
  • Life sciences service providers
Life science insurance What is our role?
  • To understand you and your business
  • Identify the risks that can be transferred to the insurance market
  • Recommend cover proposals with costings
  • Negotiate appropriate cover and price with insurers
  • Negotiate bespoke specialist cover enhancements with insurers
  • To provide claims support and guidance
  • Employers’ Liability: This cover is a legal requirement in the UK and helps protect you against claims for injury and illness made by your employees as a result of their work.
  • Public Liability: Helps protect your businesses if your customers, landlord or members of the public are injured or their property is damaged and your business is found to be liable.
  • Directors’ & Officers’ Insurance: Helps protect company directors and the wider management team personally from claims which could otherwise extend to their personal assets and estate.
  • Cyber and Privacy Liability: Cover to help protect the business financially in the event of a cyber-attack, cyber extortion or data breach, including breach response costs and business interruption.
  • Key Persons Cover: Financial protection to help your company in the event of a founder or senior executive no longer being able to fulfil their duties as a result of critical illness or death.
  • Professional Indemnity: Public Liability and Directors’ & Officers’ Liability policies generally exclude professional negligence. This is where you provide expertise and advice in a particular field and third parties, who rely on this, suffer a financial loss as a result of an error or omission by you.
  • Business Travel: Cover for employees who travel overseas for company business. Includes medical and repatriation expenses and cover for baggage, money, personal accident, cancellation costs, legal costs and personal liability.
  • Assets: Cover for tangible assets such as buildings, contents and equipment, and intangible assets such as intellectual property.
  • Technology Errors & Omissions: Cover to help protect Medical Device, eHealth, Digital Health and Telemedicine companies from third party bodily injury and/or financial loss claims arising from the use of their proprietary technology or software.
  • Contractual Liability: Protection against risks that your business assumes when entering into a contract with another party.

These are brief product descriptions only. Please refer to the policy documentation paying particular attention to the terms and conditions, exclusions, warranties, subjectivities, excesses and any endorsements.

Our advisory and support services

Tap into our team’s wealth of specialist insurance and risk management experience.
Contract Reviews: We can review your contracts from an insurance perspective, helping you navigate the onerous language and requirements that are typical of such documents.
Benchmarking: Using data analytics, we can help you make important decisions, such as what limits of indemnity to buy, whether premiums are fair or if wider cover is available from alternative providers.
Supply Chain Exposure Due Diligence: We can help you review your supply chain exposures and to guide you through important decisions regarding your insurable interests.
Business Interruption Calculator: A proprietary solution to calculate consequential losses following a property damage incident (such as a fire or power outage) at your premises, and advice on appropriate business interruption cover. This is a process that can often be complex for pre-revenue companies.
Risk Management: Designed with start-up and early stage companies in mind, our online portal aims to help address your risk management requirements by empowering you with the tools you need to protect your organisation, employees, customers and the general public. We can also assist you with business continuity planning and cyber risk management.
Gallagher Business Assist Claims Service: This is an in-house service designed to assist you with large or complex property related claims. We will support you through every stage of the claims process in order to help you maximise your chances of success.

Frequently asked questions

Life Sciences Start-Up Insurance

  • Access to Gallagher exclusive products and services specifically designed for life sciences start-up companies
  • Competitively priced package insurance products available from leading specialist insurers
  • Access to dedicated team of life sciences insurance professionals focused on advising start-ups in the life sciences sector
  • Risk management and crisis containment services

Gallagher Life Sciences Practice is proud to be supporters of BIA, Science Entrepreneur Club, BIVDA, One Nucleus, StartCodon, MedCity, Panacea Innovation and London BioScience Innovation Centre (LBIC).