When your business is the health and wellness of others, it is easy to forget how important it is to look out for yourself as well as the public. Whether you are manufacturing supplements and nutraceuticals or researching and developing medical devices and supplies, the life sciences industry faces significant risks and requires substantial insurance protection. Unfortunately, many insurance agencies out there are not equipped to insure life science businesses like yours. However, at King Forman Insurance Agency, we have decades of experience working in the medical research and manufacturing fields, and we are aware of the types of challenges you face and the benefits of the insurance solutions in which we specialize.
Vitamins and Supplements Manufacturing
The dietary supplement industry is an inherently risky business. No matter how much your vitamins or nutraceuticals may benefit the public, one superfluous lawsuit could easily ruin an underinsured business. Therefore, commercial general liability, excess liability and product liability coverage are necessary.
Fortunately, hefty liability insurance premiums can be lowered when risks are properly managed. Ensuring your business adheres to proper Food and Drug Administration (FDA) and Occupational Safety and Health Administration (OSHA) guidelines is paramount to making your business insurance work for you. Staying within the parameters of the health codes allows you to pay less money for the liability coverage you need while still reaping the benefits of the protection it provides.
Medical Devices and Supplies
Much like the manufacturing of dietary supplements, the manufacturing of medical devices and supplies are heavily regulated by the state and federal governments. King Forman Insurance offers tailor-made insurance to protect your business over the course of your products’ life cycles, including during initial research, development, clinical trials and production.
Risk management precision is needed to keep insurance costs low and your assets protected. Are you protected if one of your devices malfunctions? What if one of your workers is injured on the job? Are your directors and officers safeguarded in the event that their decisions cause financial harm to stakeholders? Contact us at 847-298-0100 for a full policy audit that will help identify gaps in coverage.