Having adequate levels of business insurance in place is a crucial part of keeping your company running smoothly. All companies, regardless of industry, require some level of insurance. This helps protect you in the event of property damage, employee claims, or other issues that could arise during the course of business.
When it comes to the medical device manufacturing industry, having the right coverage is vitally important. Take the time to learn all you can about medical equipment manufacturers insurance to make sure you aware of all the risks your business faces, and how to protect against them.
Companies that manufacturer medical equipment are exposed to numerous and unique liability risks. For example, these companies could find themselves facing lawsuits for everything from malfunctioning equipment to employee dissatisfaction. Having the right type of medical equipment manufacturers insurance protects your finances in the event of losses or injuries to users, buyers, or bystanders.
Some more examples of risks that medical equipment manufactures face are:
When it comes to medical device manufacturing, there is no single medical equipment manufacturers insurance plan that can provide everything you need. Instead, you have to spend some time looking into different insurance agencies, finding out what type of coverage they can offer. You also need to identify the types of risks that you face given the types of products your company manufactures.
It is very important for medical equipment manufacturers to obtain insurance to protect themselves during clinical trials. This is one of the many unique risk exposures that medical device companies have that requires specialized attention from insurers.
Another unique risk involves product recall, which can be an incredibly costly process. Not only does the piece of equipment need to be pulled from the market, but you also have to pay for replacements and disposal. Having specialized insurance in place can make experiencing these types of complications a bit easier.
Below are some examples of the many types of medical equipment and devices, each with it’s own set of risks:
Remember that in addition to the basic polices all companies require, such as property insurance and employer’s liability insurance, you should invest in specialized coverage. This includes things such as high premium product liability insurance and property exposure insurance. It is crucial that your business, property, and assets are covered in the event of an accident or injury.
Medical device manufacturers need to consider purchase forms of insurance that are above and beyond the types of coverage already mentioned. One of the most important types is commercial property insurance. This serves to protect all manufacturing facilities, labs, offices, and their contents regardless of the cause of damage, including fire, theft, and vandalism.
Business interruption damage is another type of insurance all medical equipment manufacturers should have. If your business is unable to proceed as it should because of damage, business interruption insurance protects your earnings. You can expand this coverage to include breakdowns in utility services and equipment breakdown insurance. If anything goes wrong with your equipment or your ability to complete the job, these types of insurance offer you the protection you need so you can still cover your expenses.
Flood, windstorm, and earthquake coverage are all essential forms of insurance you should invest in. The type of products and equipment you have in your warehouses as well as the value of the intellectual property held in labs can be incredibly costly to lose. As a result, investing in insurance that protects research and development, including documents and intellectual property, is always a good idea.
Finally, you should consider the unique needs of your business. This means thinking about the transport of goods, employment policies, and commercial umbrella insurance. If, for example, your employees are responsible for transporting goods in vehicles, you may will need commercial auto insurance.
Workplaces have health and safety hazards so you will need to invest in workers compensation insurance. This protects your employees in the event of injury or illness sustained as a result of workplace conditions. In most, this workers comp is required by law – for any non-owner employees.
We hope this article on medical equipment manufacturers insurance was informative. Regardless of the size of your business, you need to ensure that you have adequate medical device manufacturing insurance in place. This protects your company, your assets, your customers and even the end user patients should something go wrong. Take the time to look into recommended insurance plans that are above and beyond government mandatory minimums to ensure that you have the best protection possible.
