Addressing the Challenges of Life Science Insurance
What is risk transfer, and how is risk transfer accomplished in a life science setting? Companies in the pharmaceutical, biotech, medical device, and nutraceutical space rely on their relationships with vendors for continued growth. Risk transfer is a control strategy that shifts the risk from one party to another.
At BioSurance, we help life science companies manage risk with specialized insurance policies. Our programs transfer the risk from the policyholder to the insurer, so companies can manage liabilities and save money.
Layers of Protection
Don’t be fooled by our simplified approach to liability management. BioSurance’s insurance programs are designed for maximum protection, with layers of security for clients with life science businesses. Each program is custom-developed based on the client’s liability exposures, existing vendor contracts, and the potential for facility interruptions.
There are three ways to transfer risk:
- Pay an insurance company to accept the financial liabilities of a given risk
- Contractually transfer the risk back to those who bring it to you
- Eliminate the risk by not engaging in the risky activity
At BioSurance, we help you identify and quantify risk. This allows us to manage risk cost effectively. Once identified, we can reduce risk by having a formal management program in place. This will reduce the cost of your insurance in the long term and ensure a stable coverage platform year after year.
Our vendor management program ensures your suppliers will cover your risk with their insurance policies before yours kicks in. We manage this process using our proprietary automated systems that ensures compliance with your agreed upon insurance requirements. This will make you more attractive to insurers and qualify you for their biggest discounts.
Lastly, our loss control experts will help you examine every process in your firm. They will assist you in developing Good Management practices, such as documentation practices, incident reporting and mitigation contractual risk transfer, safety procedure and fire prevention planning.
