TheraCover™ – Psychedelic Insurance
Modern Insurance for Modern Medicine
The race is on as clinical trials continue to progress and companies begin to seek FDA approval for clinical use of psychedelics in the treatment of PTSD, traumatic brain injury, mental disorders, and the effects of domestic abuse. This means the race is also on to put the proper coverage in place to protect the companies and people involved in getting this breakthrough therapy to market, which is why we developed TheraCover™ – Psychedelic Insurance.
FEATURED INSIGHTS
Refined expertise that drives advancement
With experts embedded in the psychedelic insurance space, we’re here to provide practical insights about how insurance and risk mitigation can help protect you as a professional and bolster your business’s operational strength.
COLLABORATIVE PARTNERSHIP
Redefining the advisory experience
The exposures the companies and people involved in psychedelics research face are some of the toughest to navigate and cover from an insurance perspective, so working with an experienced professional to help you navigate this space is essential. The Baldwin Group’s professionals have not only immersed themselves into the psychedelics risk landscape since this ground-breaking therapy became a topic in healthcare, but they also have the expertise to help manage all the risks you may face as an individual or business.
FUNDAMENTAL SOLUTIONS
Protecting your most challenging exposures
While life science companies continue to undergo clinical trials for the use of drugs, such as methylenedioxy-methamphetamine (MDMA) and psilocybin, for psychedelic-assisted therapy (PAT), The Baldwin Group’s professionals have been planning for managing the risks and identifying the proper coverage needed as these new treatments hit the healthcare system.
Expertly designed coverage that evolves in lockstep with advancements in psychedelic-assisted therapy may include these and more:
- General Liability – Protect your company from third-party claims of bodily injury resulting in the use of psychedelic drugs for treatment of mental disorders and complex trauma.
- Professional Liability – Safeguard the professionals administering psychedelic-assisted therapy if a negligence claim is made by a patient.
- Umbrella – Leverage an umbrella policy to cover gaps and the undoubtedly unique risks posed by this potentially breakthrough treatment.
- Global Programs – Put coverage in place for international exposures facing clients administering clinical trials around the world.
- Product Liability – Defend your company against drug-related product liability claims – defectively manufactured pharmaceutical drugs, those with dangerous side effects, or that are improperly marketed.
- Cyber – Retain proper cyber insurance to help protect your company. With major advancements in healthcare and pharmaceuticals, companies become easy and highly vulnerable targets for cyberattacks.
- Directors & Officers Liability – Protect the professionals who are overseeing the clinical trials in the event they are sued by participants or family members.
COMPREHENSIVE PROTECTION
Redefining the advisory experience
The exposures the companies and people involved in psychedelics research face are some of the toughest to navigate and cover from an insurance perspective, so working with an experienced professional to help you navigate this space is essential. The Baldwin Group’s professionals have not only immersed themselves into the psychedelics risk landscape since this ground-breaking therapy became a topic in healthcare, but they also have the expertise to help manage all the risks you may face as an individual or business.
Clinicians and therapists
As clinicians and therapists, you took an oath to help care for and protect those with medical and mental health needs. As risk management professionals, we may not take an oath, but we do make a promise to every client to protect you and your most valuable assets.
With the rise in psychedelics clinical trials for the treatment of some mental health disorders, those administering the treatments are put under a microscope. You’re on the front lines to help, but being at the forefront of innovation may make you more susceptible to personal liabilities and lawsuits.
We help protect those on the front lines, including:
- Clinicians, therapists, and facilitators
- Psychedelics associations
- Hospitals and healthcare facilities
- Manufacturers
- Companies administering clinical trials
Investors
With projections for the U.S. market in psychedelics to grow 16.3% and reach $6.85 billion by 2027, the commercial and medical potential is an attractive opportunity in which to invest. But these potential opportunities also present monetary and reputational risks. Private equity firms need to understand the exposures involved with investing in the psychedelics market and mobilize strategies to protect their investment opportunities.
Manufacturers
As a manufacturer, the risk doesn’t end when your product goes out the door. In the case of psychedelics medicine, you’re still at risk when the product you manufactured is administered to patients in clinical trials.
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.
Connect with a TheraCover™ advisor today
Experience the possibilities
When you decide to partner with us, you choose to protect yourself and your business and open the door to new opportunities.