Medical equipment manufacturers produce medical, surgical, ophthalmic and veterinary instruments and equipment such as the following:
Medical device manufacturers face very complex risks every day. What’s more, new risks emerge as research and technology change the game over and over again. To protect your assets and longevity in a life sciences field, you need customized insurance policies designed specifically for medical equipment manufacturers.
Some insurance companies specialize in insurance for the life sciences field. Working with a Trusted Choice® independent insurance agent, you can obtain quotes and evaluate coverage from reputable insurers who know your industry.
Medical equipment companies come in all sizes and manufacture a wide variety of equipment and devices. Regardless of the size of your business or the number of products you manufacture, you need a comprehensive business insurance program to protect you from the risks that are always looming.
You may work with delicate, expensive equipment, as well as fragile and even hazardous materials. Your equipment, as well as the materials and prototypes that you are working with, can be easily damaged. Because you manufacture medical equipment, you are responsible for protecting your employees and the members of the public who ultimately use your devices.
Medical device manufacturers may also face supply shortages, equipment breakdowns and product recalls, as well as more typical property and liability risks faced by all businesses. Every medical device manufacturer needs insurance policies that are tailored to their unique needs and the challenges that they face, including the following:
Medical equipment manufacturers have significant and unique product liability exposures. You can be sued if one of your products causes harm because it is faulty, because someone uses it improperly or because you fail to provide proper warnings about potential dangers. Product liability insurance, including completed products coverage, helps you pay for losses or injuries to a user, buyer or bystander caused by a defect or malfunction of any product that you manufacture.
Medical equipment manufacturers also need special coverage for patient injuries during clinical trials and for numerous other exposures unique to the life sciences industry. You need tailored product liability coverage that goes beyond industry standards. An experienced, knowledgeable independent insurance agent can work with insurance companies that specialize in the life sciences industry and provide the type of coverage that you need.
You also have a significant product recall exposure. Product recalls can be financially devastating, even for large firms. Costs can include these:
Product recall insurance can help you with many of these costs and perhaps even keep you from declaring bankruptcy or going out of business. It reimburses you for recall costs whether or not you were negligent.
Talk with your independent insurance agent about the following types of coverage for medical equipment manufacturers. Your policies should be customized for the unique needs of a life sciences company.
Commercial property insurance helps protect your manufacturing facilities, labs, offices and their contents — from office equipment to expensive, delicate machinery — in the event of fire, weather events, theft, vandalism and other covered perils. In addition, you may need various other types of property coverage:
Commercial general liability (CGL) insurance provides broad liability protection for bodily injury and property damage to third parties caused by your negligence. You should also consider the following types of additional liability coverage:
Medical device manufacturers also need workers’ compensation insurance to protect employees from the costs associated with workplace injuries and illnesses. Your employees may be exposed to dangerous substances or materials, as well as equipment or machinery that can cause injuries. Your independent insurance agent can help you purchase the workers’ compensation insurance required by your state.
Insurance for any company in the life sciences industry is highly complex and requires the assistance and counsel of an experienced and knowledgeable independent insurance agent. Your agent can help ensure that you are not getting cookie-cutter coverage designed for a far less complicated business.
Contact a Trusted Choice agent for tailored medical equipment manufacturing insurance advice and solutions.