As a life sciences insurance broker, BFL CANADA understands the unique risks you face when carrying out clinical trials or managing your supply chain.
Managing a pharmaceutical or biotechnology company means facing critical exposures on a daily basis. From dealing with clinical trial disruptions to maintaining business continuity and enforcing regulatory compliance, the field of life sciences involves much more than test tubes and lab experiments.
At BFL CANADA, we know how to help you minimize the consequences of a business interruption and limit your exposure to unwanted additional costs. Our goal is to help manage your company’s exposures, whether you specialize in providing essential products, services, or support to the life sciences industry.
Discover your coverage solutions
SUPPLY CHAIN AND MANUFACTURING RISK MANAGEMENT
Protects you from potential risks in your supply chain that could cause a loss and/or interruption in your business. We can introduce strategies designed to minimize your risks, regarding your shipping processes or the management of your inventories.
All too often, life sciences companies suffer operational downtime and/or significant losses in inventory due to the ineffective management of sensitive goods. The BFL CANADA team can provide risk mitigation strategies that protect your business. In the event of a power outage or other supply chain disruption that threatens your temperature-sensitive products or raw materials while stored in a warehouse or in transit, we have the strategies to help mitigate the impact to your business and downtime.
SPECIFIC RISK MANAGEMENT
Helps you avoid any situation that could jeopardize you meeting your operational goals. Life sciences companies face many specialized risks, such as environmental or temperature changes that could compromise manufacturing, storage or transportation of goods. Understanding these risks and implementing the necessary procedures or risk mitigation techniques can help you avoid a loss or recover more quickly from possible losses. We are here to help you effectively manage potential risks, whether they concern stock, freight transport, single source suppliers, fire protection, property in transit or other aspects of your operations.
As one of the founding partners of Lockton Global, conducting business in over 140 countries, we can help you with placing insurance internationally. We understand the local insurance and regulatory compliance systems in each country where you are considering conducting clinical trials or setting up operations. In some countries, it can take a long time to obtain documentation and we help you understand these timelines so you can meet your ethics committee deadlines for submitting your proof of insurance. This way, insurance will not delay your submission to local authorities.
Assists in the arrangement of quotations and implementation of compliant and competitively priced clinical trials insurance coverage. Our access to both domestic and international insurance companies allows us to deliver value added insurance programs. This way you can focus on recruiting patients for clinical trials knowing your business is well protected. You will have a full-service insurance resource and independent consultancy to ensure effective coordination between you and your insurers. Clinical trials insurance claims management is also included.
Helps you identify your exposures and arrange necessary insurance coverage to protect your business and allow you to recover from a lawsuit as quickly as possible. For example, a medical device company would want to consider insuring against any lawsuit from potential injuries arising from the use of their medical devices; and may also consider insuring against loss of income resulting from a fire or other interruption at their manufacturing premises, or at a third party manufacturers’ facility. This form of business interruption coverage is designed, for example, to pay for a loss of income, in a specified time period or until the insured returns to their previous profitability level, and could be the difference between rebuilding from a fire, or going out of business.
The BFL CANADA advantage in a competitive market
WHY DOING BUSINESS WITH BFL CANADA IS IN YOUR BEST INTEREST?
- We negotiate on your behalf to get the best protection, rate and deductibles.
- We work with you to develop tailor-made solutions adapted to your reality.
- We deal with all major insurers that specialize in your industry.
- We have offices across Canada to meet your local needs and partners in over 140 countries for your global ambitions.
- We are solution seekers for companies of all sizes and every industry.
At BFL CANADA, we help our clients get peace of mind. Most insurance policies require various insurance companies to share the risk. As your insurance broker, we are able to canvass the insurance marketplace, approach financially sound insurers and always act in your best interest.