Life Sciences
When you’re at the forefront of researching, developing, and delivering cutting edge technologies, pharmaceuticals, and treatments, you’re pursuing opportunities for innovation that have the potential to vastly improve people’s lives. As pioneers of revolutionary discoveries, life science companies face highly sophisticated, dynamic risks, making it essential to have the appropriate risk management program in place. With significant depth of expertise in this space, The Baldwin Group’s life sciences team knows how to deliver solutions that can address your exposures and enhance your performance.
FEATURED INSIGHTS
Dedicated expertise that fuels growth
The life sciences industry is complex, and so are your risk and insurance needs. To successfully help you navigate the insurance market, we monitor life science developments, coverage trends, and current events, translating how they might impact your protection plan. We bring decades of experience and credibility in both the life science and insurance industries to the table and can help you implement solutions that empower you to stay ahead of risk, pursue your goals, and innovate.
COLLABORATIVE PARTNERSHIP
Elevating the advisory experience
Focus on your ability to be on the vanguard of innovation with a partner committed to helping you establish a meaningful culture of safety aligned with your organization’s needs and goals. We’ll communicate and establish relationships with wide-ranging stakeholders, such as clinicians, CFOs, IT leaders, lenders, and beyond to help break down operational silos, establish a true partnership, improve your insurance outcomes, and fortify your operational resilience.
RENEWED APPROACH
Customized to protect your longevity
Count on our experts to understand your world and speak your language. Together with you, we’ll collaborate to deliver best-in-class results with risk mitigation expertise, services, and solutions that help your company maintain stability in a fast-paced environment.
Fundamental solutions
- Alternative risk transfer solutions
- Cyber resiliency strategies
- Benchmarking and data-driven strategies
- Management liability program
- Employee benefits offerings
- Transactional risk protection
Progressive services
- Loss prevention consulting
- Claims management and support
- Business continuity planning
- Supply chain optimization
- Human capital risk containment
- Renewal strategy development
- Global program design and management
- Clinical trial risk management
RENEWED APPROACH
Managing emerging risks to reach milestones
Domestic and international regulatory burdens, reputational concerns, supply chain demands, shipping logistics, and complex clinical trials are just a fraction of the obstacles you navigate. To safeguard you from the risks you encounter in a dynamic environment, we’ll leverage our proprietary RiskMap process to uncover your operational exposures, both now and as they evolve. Our team knows how to formulate risk management strategies and place insurance coverage for life science companies, at all stages of growth – from seed phase to FDA approval, and beyond. Should your operations span borders, our specialists also have access to insurance partners with global reach. Our life science clients include, but are not limited to:
We’ll address your needs, at every milestone you reach, including:
- Research and development
- Pharmaceuticals
- Medical devices
- Digital health
- Biotechnology
Emergence
At this stage, a company is in its infancy, typically without outside funding, aside from grants, and may only be a research and development (R&D) organization. From a coverage perspective, we’ll execute the launch of the insurance portfolio with a focus on contractual and compulsory compliance. This includes, but isn’t limited to:
- General liability coverage
- Property and business interruption coverage
- Compulsory coverage needs (workers’ compensation, EPL, etc.)
- Umbrella liability
Funded operation
When a company acquires funding via angel investment or venture capital, it has a duty to oversee prudent use of funds. During this stage, the company may organize a board of directors while R&D operations continue. Additional insurance needs that arise may include:
- Coverages to meet contractual compliance
- Directors & officers (D&O) liability insurance
- Cyber liability
Clinical trials
During the clinical trials phase, a company is in testing mode, and planning for product development beyond clinical trials. To fund clinical trials, the company may need to carry an additional round of funding. With the workforce expanding and partnerships with larger organizations becoming a reality, the company’s insurance needs continue to expand. In addition to the previous coverages, you might need:
- Fiduciary liability
- ERISA bonding
- Employment practices liability (EPL)
- Products liability
- Crime liability
Commercialization
Should clinical trials be successful, the product is ready to be sold to the public. With a greater level of maturity, a company likely has a formal management structure in place with leadership, HR, and a core staff of employees. You might need to expand your locations and manufacturing of the product to generate revenue from product sales or services. This may require even more rounds of funding and an additional insurance assessment. Our team will consider:
- Global coverage extensions
- Continual assessment of limit adequacy
Exit
If you want to sell your company or engage in a merger, you’ll develop an exit strategy. To successfully execute the transaction, you’ll need to engage in the due diligence process and consider insurance coverages that can provide protection for your company from transactional risk. Depending on the strategy, this can include:
- Representation & warranties coverage
- IPO coverage
- Runoff coverage for pre-transaction liabilities
COVERAGE SNAPSHOT
Products designed to perform
We’ll prioritize your best interests and leverage our extensive experience navigating the market to connect you to effective coverages that help protect your operations, virtual and physical assets, and employees.
- Property insurance
- Business interruption coverage
- General liability
- Professional liability
- Cyber liability
- Workers’ compensation
- D&O liability
- Fiduciary liability
- Crime liability
- Employment practices liability
- Malpractice liability
- Technology errors & omissions (E&O) liability
- Intellectual property liability
- Representations & warranties insurance
- ERISA bonding requirements
- Parametric insurance
- Alternative risk solutions
THE BALDWIN GROUP INSIGHTS
Stay in the know
Our experts monitor your industry and global events to provide meaningful insights and help break down what you need to know, potential impacts, and how you should respond.
Your journey begins here
When you decide to partner with us, you choose to protect your business and open the door to new ventures and opportunities.