Welcome to the Life Sciences division of All Med Pro.
Simon Wyndow heads up our Life Sciences team. In 2009 Simon began his insurance career in general commercial insurance advising and broking. Over the years of general practice, Simon took a professional and personal interest in medicine and biochemistry. Building upon this interest, he has developed experience and understanding of varying life science businesses and their complex risk management requirements.
All Med Pro work in partnership with specialist UK and Global insurers.
In general terms life science is the study of living things. We are often asked by people “what is life science and what is life science insurance”? If we understand life science to be the study of organisms such as plants, humans and animals, the simplistic way in which to understand life science businesses would be those that are typically involved in:
- Biosciences (biology, biomaterials, biotech, biomedical engineering)
- Drugs, vitamins and clinical research
- Food sciences
- Neroscience. etc.
These areas are generally considered as life science businesses and can be involved in one or several varying business disciplines such as research and development, product design, manufacture and distribution.
Of course, there will be support businesses within this sector, for example lawyers who specialise in Intellectual property, or accountants who are grant and funding experts.
Life science organisations require specialist life science insurance considerations.
When dealing with All Med Pro we may discuss risks that we would expect a life sciences business to consider at some stage in their business development. We have expert life science risk managers who can explain to you, in as much or as little detail as you might require. It is important for your business that you and All Med Pro consider the following:
Arguably the most important part of the research and development journey for any life science business is the clinical trials stage. Insurance considerations should be made to manage the risk exposures during the clinical trials process. For example, legal liability for bodily injury to a research person or damage to their property.
Product Recall insurance:
It is possible that in the process of manufacture or in transit a product could become contaminated, perhaps by a pathogen or incorrect quantity of drug. When this happens a recall will be required. The costs involved could have a significant impact financial. There is also the possibility of brand reputation damage! The financial consequences and costs to assist with reputational damage can be covered by product recall insurance.
Cover for your business should you receive an allegation(s) that a fault with your product has caused loss or damage to a third party.
This cover is also known as Professional Indemnity Insurance or Errors and Omissions Insurance. Protection is provided should your business require legal defence. Or your entity is found to be legally liable in respect of failings, errors or omissions in your professional services, design or advice.
This is the common term used for a cyber insurance policy. Cyber insurance policies offer varying levels of protection and can cover the most common cyber incidents such as a cyber-attack, loss of data and unauthorised network/system access or theft.
Directors and Officers (Management Liability insurance):
A business (entity), the directors and members of senior management can be held accountable for breaches of the Companies Act. Even if an allegation of negligence is made, this can be terribly costly to defend. Directors and Officers insurance should be considered as a must for any established business. It can be written to cover:
- Liability (The corporate business, and/or directors)
- Employment practices (employment law considerations)
- Crime (employees’ dishonesty)
- Pension trustees liability
This is designed to provide cover for the failure of a product or service where it has failed to meet its intended function. This is particularly important for businesses that manufacture, service, supply or install, especially within a life science setting!
Many life science businesses will carry our considerable and important research and development (R&D), this is usually vital to their sector and is often time critical. It is true to life science, as it is to any other businesses, that when humans do things too quickly, mistakes can unfortunately be made. A very considerable exposure is unintentional breach of copyright, trademark or design, this exposure can be insured.
Over the past 10 years we have specialised in looking after clinicians and clinical businesses. Due to organic growth, we have had the opportunity to learn from our clinical peers, this has allowed us to develop our commercial life science knowledge and provided an opportunity to explore and expand into new areas. Life science businesses play a vital role in the medical and science sectors. Without businesses such as drug, vitamin and supplement, medical devices and biotechnology; medicine would be left behind. We specialise in arranging insurance for not just medical/dental products, vitamin and supplements and wearable/biotech, we can also assist with most types of life science businesses this includes life science start-ups.
The types of business we can help with include:
- Medical products/devices
- Contract manufacturing and contract research
- Research centres/parks
- Virtual health including telemedicine / telehealth