Looking to insure your laboratory? You’ve come to the right place. ALIGNED can help you find commercial insurance coverage to protect your lab against all kinds of risks and exposures. The right policy can protect your labs from financial risks, such as property damage, power outages, machinery breakdown, lawsuits, and more. Keep reading to learn more about how lab insurance works and how ALIGNED can help you find the best and right coverage for your lab.
What labs need to know about insurance coverage
If you operate a lab, it’s important to purchase insurance coverage. After all, even though laboratories have strict safety & quality assurance, SOP’s backups etc. procedures in place, there is always a chance that something will go wrong. Whether a lab technician accidentally contaminates a sterile working area during a test or an employee makes a mistake that results in a false result, or electrical arching damages HVAC units are results in numerous samples, research etc. being damaged or destroyed owners of laboratories need financial protection. That’s where lab insurance comes in. The first step in purchasing lab insurance is to contact a trusted insurance Advocate at ALIGNED. They can help you determine your main risks, provide you with a quote, and explain the insurance-buying process.
Coverage 101 | Lab Insurance
Insurance policies for labs vary between policyholders, but we generally recommend that labs purchase policies with the following coverages:
- Professional liability insurance: Professional liability insurance, also known as malpractice insurance or errors and omissions insurance, is important for laboratories where others depend on their guidance or findings. This type of coverage can pay for legal fees (e.g. defence costs, settlements) if a claim of negligence, error, omission, misconduct, or failure to deliver an advertised service is brought against you or your lab, regardless of the lawsuit’s outcome.
- Commercial general liability insurance: Commercial general liability insurance, sometimes referred to as “slip-and-fall insurance,” protects against the day-to-day risks that come with operating a laboratory. For example, if a client slips and falls in your lab they could sue you. With this type of coverage, your lab may be compensated in the event of a third party property damage or bodily injury claim. Specifically, your insurer may cover the cost of medical expenses, repair bills, legal fees, etc up to the policy limit.
- Commercial property insurance: Protect your physical lab space and any business-related contents against unforeseen circumstances like theft, vandalism, fire, water damage, etc with commercial property insurance. When you add commercial property coverage to your lab insurance policy, your insurance provider may pay for repairs or replacements in the event of loss or damage caused by an insured peril.
- Machinery breakdown insurance: Every lab contains important and highly calibrated equipment that is critical to the operations of the lab. If that equipment is damaged or destroyed by perils like electrical arching, pressure vessel explosion etc. machinery breakdown aka boiler and machinery insurance can be the difference between bankruptcy and being back up and running quickly.
- Cyber liability insurance: If your lab stores confidential information online, then cyber liability insurance is important. With cyber liability coverage, if a hacker breaches your system and steals important data, your insurance provider may help cover the associated costs, which could include credit monitoring, legal fees, crisis control, patient notification, and more.
- Business interruption insurance: Business interruption insurance can protect your lab from lost income if it is forced to close due to an insured peril. Insured perils covered by business interruption insurance vary but can include theft, fire, vandalism, windstorms, water damage, and more.
Calculating the cost of lab insurance
It’s worth noting that insurance providers consider many factors when calculating premiums for labs. For this reason, the cost of insurance for one laboratory likely won’t be the same as for another. Some of the factors an insurance company may consider when calculating your lab insurance premium include:
- The size and location of your lab
- The number of employees at your lab
- The annual and project revenue of your lab
- Your years of experience and training
- Your claims history
- The specific services your lab provides or operations it specializes in
- The coverage types, limits, and policy deductibles you choose
Get in touch with an ALIGNED expert to learn more about how lab insurance premiums are calculated and to receive an accurate and competitive lab insurance quote. Our team of commercial insurance specialists will take the time to listen to your lab’s needs and circumstances and provide you with an obligation-free estimate.
Finally, on the topic of insurance costs, it’s important to remember that insurance premiums are set by insurance companies, not brokers. That said, an insurance broker at ALIGNED can still help you shop around for insurance, compare rates, and even walk you through the process of modifying your future policy or filing a claim.
Why buy lab insurance from an ALIGNED insurance expert
Not sure if you want to buy lab insurance through a broker? Consider the benefits of working with an ALIGNED insurance expert, outlined below:
Brokers are knowledgeable about a wide range of insurance products
One reason to buy lab insurance from an ALIGNED insurance broker is that brokers are knowledgeable about a wide range of insurance products. This makes them an unbeatable resource when shopping for lab insurance. Your ALIGNED broker will know the inner workings of all kinds of policies from multiple providers, allowing them to effectively compare options and find you a great policy.
Brokers work independently of insurance companies
The next reason to work with an ALIGNED insurance broker is that they operate independently of insurance companies. Therefore, you can relax knowing your broker is working for you and not the insurance company. Your ALIGNED broker will always provide you with unbiased, objective advice on the best insurance policy for your laboratory.
Brokers take care of everything
One final reason to work with an ALIGNED insurance expert is that they do the work for you. From the moment you contact us, we take care of everything. All you have to do is tell us what type of policy you’re looking for, and we will start contacting top insurance providers, obtaining quotes, and comparing policies on your behalf, all to find you the best coverage for your lab.
Ready to purchase insurance for your lab? Contact ALIGNED today
In the market for comprehensive coverage at a competitive rate? ALIGNED is here. Our team of commercial insurance experts is available to help you find an insurance policy that meets your lab’s needs. Using our unmatched resources, expertise, and decades of experience, we are confident in our abilities to match your lab with a dynamic, tailor-made policy. Are you ready to purchase lab insurance? Give us a call to speak with an ALIGNED insurance broker today or click here for a free quote.