Insurance Brokerage for Pharmaceutical and Biotechnology Sector
Protection for tomorrow’s life-saving medical devices and medicines
Managing a pharmaceutical or biotechnology company means facing critical exposures daily. 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. Successfully carrying out clinical trials or managing your supply chain requires risk management engineering that shows you the full picture.
Because unexpected hazards can thwart growth and success, it’s vital to pinpoint them at the outset of your risk management strategy. To avoid getting blindsided, BFL CANADA can help you detect them before they become an unresolvable issue that stands in your way.
SEE THE BLIND SIDES OF YOUR RISKS FROM EVERY ANGLE
LET'S BUILD A CUSTOM INSURANCE SOLUTION
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.
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.
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.
YOUR TEAM OF LOCAL ADVISORS
THE BFL CANADA ADVANTAGE
BFL CANADA has achieved extraordinary growth because of our consistent ability to perform and deliver due to our expertise, professionalism and dedication, as well as our entrepreneurial culture. This culture and work ethic have driven our growth and attracted organizations with which we have established meaningful and mutually beneficial partnerships.