Biotech and Life Sciences Businesses Insurance

Some types of coverage that you should consider include:

Life Science Liability Insurance

A liability package product specifically designed for biotech companies, with specialised products for general liability, products and human clinical trials liability as well as errors and omissions

Cyber Insurance

Provides coverage for privacy and data breaches, including simple incidents such as attaching the wrong file to an email or using a copyrighted image on a website, to a more complex hacking or ransomware event and loss of customer information

Portable Equipment Insurance

Accidental loss and damage cover for portable equipment, including phones, laptops and tools

Corporate Travel Insurance

Reimburses unexpected costs arising from travel, including illness and injury, lost luggage, cancellation and delay (also includes cover for directors’ leisure travel)

Office Package Insurance

A package tailored to office-based businesses, which protects against property damage, business interruption, burglary, glass, public liability and electronic equipment breakdown

Goods In Transit Insurance

Covers goods in transit, including imports, exports and Australia-wide sendings

Cyber Insurance In Action

The Client

A medical services business with 6 staff and $3.2m in revenue.

The Claim

The Insured’s system, which held confidential medical information on their patients, was compromised by a ransomware attack. As the Insured could not access their patients’ medical data, they were unable to operate.

The Outcome

IT Forensic Consultants were appointed to fix damage to the Insured’s system and investigate if the hacker still had access to the system. A law firm was also appointed to assist the remediation process and advise if the client had to report the matter to the Privacy Commissioner. Payment of $63,000 was made in relation to business interruption loss, forensics and legal costs.