Life Science Insurance

The world is changing at the speed of light. As new technologies are created, new industries are born. Life science organizations have existed, to some degree, for decades — even longer.

However, with rapidly changing risks and regulations, new needs have developed as well as challenges to life sciences companies. Here’s what you need to know to make sure your business has the appropriate life science insurance protection.


If you have any questions or need guidance with your insurance needs, please reach out to us. We're here to help you find the right coverage: info@icnj.com.


Life Science Industries

There are new and old life science industries to consider. The better you understand the industry you’re working in, the better you can serve your insurance needs.

Typical businesses that fall beneath the “life science” umbrella include:

  • Biotechnology – The applied research, development and manufacture of human or animal diagnostic or therapeutic products or procedures using organic elements (those composed solely from humans, plants or animals).
  • Pharmaceuticals – The applied research, development and manufacture of human or animal diagnostic or therapeutic products using synthetic/inorganic elements.
  • Medical device and instrument manufacturing – Nonchemical, nonmetabolized; an instrument, apparatus, implement, machine, contrivance, implant, in vitro reagent, or other similar or related article that is intended in: the diagnosis of disease or other conditions; the cure, mitigation, treatment, or prevention of disease; or intended to affect the structure of any function of the body of humans. All classes are considered
  • Nutraceuticals – Research, development, manufacture and retail sale of dietary supplements purchased over the counter with limited or no FDA regulation.
  • Contract research – Organizations performing the research and development functions, such as clinical trials and FDA regulatory requirements on behalf of others.
  • Contract manufacturing – Outsourced services to organizations contracted to manufacture or distribute another company’s life sciences products.
  • Research and development – Drug and device research and development, including execution of human clinical trials.
  • Distributors of life sciences products – Third-party companies contracted to distribute life sciences products to the healthcare community.
  • Academic institutions – Institutions supporting research and development, site investigation and clinical trials.
  • Institutional review, data safety monitoring and observational review boards – Boards chartered to review the clinical trial results that are often compiled with representatives from a variety of organizations and institutions.
  • Digital health organizations – including software developers, telemedicine organizations, medical app developers, medical software developers, and organizations that develop software for healthcare and medical entities.

While companies, like yours, went into business with the goal of helping to save lives or, at the very least, make lives better for people, you can sometimes be penalized for your effort – or even stumble and fall along the way. The right kind of insurance protection for your organization can help you get back up and get back to work doing good things for others. 

Your organization may someday find the cure for cancer, help paralyzed people walk on their own again, or even generate a life-changing treatment for type 1 diabetes. But only if you can continue your work with the knowledge that your efforts are protected by rock-solid insurance coverage.

That is where The Insurance Center of North Jersey comes into the picture.

Insurance Protection for Life Science Industries

Each life sciences business has different needs when it comes to insurance protection. No two business organizations are identical. This means that you need to work with an insurance agency, like The Insurance Center of North Jersey, that can help you identify specific insurance protection you need.

  • Product Liability Insurance. If the products you create cause injury or unintended side effects that people find harmful, you are responsible. Product liability insurance coverage protects you in these situations.
  • Errors and Omissions. Even the most diligent practitioners, lab workers, and team members can make mistakes that result in harm to your patients or clients. This insurance provides protection in these situations and when false claims are made against you.
  • Medical Device Liability Insurance. Medical device insurance offers bodily injury and property damage protection if medical devices malfunction or fail, resulting in harm to others.
  • Information Security Liability. We live in a data-driven world. If data about your employees, staff, or patients are released as a result of a data breach, your business could be responsible. This insurance offers protection for your business.
  • Workers Compensation Insurance. If you have employees, you need this protection. Not only is it required by law, but it can be a real life-saver for your life science business if injuries, accidents, illnesses, or deaths occur while employees are working for you.
  • Business Owners Policy. Most business owners’ policies offer limited protection for your business property, business income, inventory, and general liability claims.
  • Business Auto Insurance. If you make deliveries, drive people, or drive as part of your business, you need business auto insurance to protect your interests.
  • Umbrella and Excess Liability Insurance. Sometimes liability awards against you exceed the limits of your existing liability protection. This coverage kicks in once those initial limits are exhausted to provide additional financial protection for your life science business.
  • Equipment Breakdown Insurance. Medical equipment is expensive, yet it is even more costly than to attempt to operate without equipment in good working order. This coverage offers fast repairs or replacement of your equipment if it breaks down.

The Insurance Center of North Jersey Difference

Let us work with you to create a well-rounded insurance plan that is customized to the needs of your life sciences business.

We’ve been serving the needs of businesses, like yours, in New Jersey and beyond for more than 90 years. This is largely because we take the time to create customized coverage that fits your needs rather than trying to corner your business into an insurance box that doesn’t fit. 

Contact us today to learn more about what we can do for you to arrange the specialized insurance protection your life sciences business requires.