Biomedical / Biotechnology

Biomedical businesses are at the forefront of novel scientific advancements and often have unique risks and requirements for insurance. Specialists within this industry can range from laboratory technicians, engineers, consultants to statisticians & manufacturers, and frequently handle expensive or sensitive equipment.

Those who practise in this industry are recommended to protect themselves against negligence and medical malpractice claims or lawsuits.

Bluewell specialises in business insurance and tailors’ products to your individual needs to protect yourself, and your business from a wide variety of risks.

Medical Malpractice / Professional Indemnity Insurance

Medical malpractice insurance, also known as professional indemnity insurance, covers costs associated with civil liability claims in relation to your professional service. Based on your circumstance this may include covering claims arising from clinical trials, research projects, or providing medical advice regarding products or treatments. This can often be combined with public liability insurance to provide a comprehensive coverage.

Professional indemnity is offered on a “Claims Made” basis, meaning that there is only insurance cover available while a policy is active. If a claim is made after a policy has lapsed, the insurer will not cover the costs. Due to this, many policies have a retroactive date in which the insurer agrees to cover any prior insured period, essentially taking the risk from another insurer.  This is a big reason why having continuous indemnity insurance is crucial to ensure there is no lapse in coverage.

Liability Insurance

Practitioners and contractors often work with, or in close proximity to expensive equipment, or valuable specimens. We understand accidents happen and Public Liability Insurance covers for physical damage to third party property or injury to people. With business locations, this is often considered a “slip and fall” policy, covering if visitors were injured while at the premises.

Workers Compensation

Workers’ compensation is mandatory for businesses with employees. These policies cover employees if they are harmed while at the workplace, covering for medical expenses, payment of wages, and rehabilitation costs.