What’s important to know about Laboratory Equipment Supplier Insurance in Canada
As a Laboratory Equipment Supplier, you often deal in highly sophisticated and expensive equipment, supplying your clients with the most modern solutions. Your clients perform specialized testing both in their labs and offsite and require the right equipment to help them perform their critical jobs.
Are there risks associated with Supplying Laboratory Equipment?
Yes, yes there are! Risk is synonymous with this highly specialized field, and not only with those who perform sensitive testing on a daily basis. Laboratory Equipment Suppliers also face risk in supplying the equipment utilized by scientists and laboratory technicians. Whether it is physical, chemical or other testing equipment that you are supplying, there exists the possibility of something going wrong with it and you being blamed.
When do Laboratory Equipment Suppliers Need Insurance?
There are many scenarios when Laboratory Equipment Suppliers need insurance coverage, including these examples:
- Your employee is transporting some equipment to a client in a company truck when she is involved in a collision with another vehicle. The equipment is damaged in the crash and needs to be replaced.
- One of the machines you recommend and provide to a client is defective and subsequent tests are invalid. The client seeks compensation from your company to recoup costs.
- A very expensive piece of equipment is damaged while staff are moving it in your facility. Your regular premium does not cover the cost and you have to pay out of pocket.
How can Laboratory Equipment Suppliers Protect Themselves?
The following insurance coverages can help protect your Laboratory Equipment Supply business from risk:
Commercial General Liability – protects against liability claims for bodily injury and property damage related to your premises, operations, products, completed operations as well as advertising and personal injury liability. As well, it often includes:
- Products Liability Insurance – which covers liability for bodily injury or property damage incurred by a merchant or manufacturer as a consequence of some defect in the product sold or manufactured.
Commercial Property Insurance – basic property insurance covers losses due to fire or lightning, including the cost of removing property as a way to protect it from further damage. You can also buy a standard policy with coverage for extended perils, such as floods, windstorms, hail, earthquakes, acts of terrorism, explosion, riots, smoke, civil commotions and vehicles that damage your property. Beyond this, coverage for vandalism and malicious mischief can also be included.
Commercial Auto Insurance – if your business involves transporting your equipment to your client’s labs, this is a necessary part of your coverage. It can cover your company vehicles as well as staff’s vehicles if they drive them for work purposes. Commercial Vehicle Insurance applies when work-related vehicles are damaged or someone is injured in a collision or other event.
Cyber Liability Insurance – this coverage is necessary if you maintain client information online, and also applies to your own online business assets, like websites. Unfortunately, a traditional business liability policy is extremely unlikely to protect against most cyber exposures and typically explicitly excludes such coverage. This is why Cyber Insurance specifically protects against data breaches, damages to third-party systems, data or code loss due to a natural disaster or malicious activity and more. Learn more about cyber coverage here.
Umbrella Insurance – this type of coverage provides excess liability protection to your policies, allowing you to have higher claim limits than ordinarily provided. It can activate in the event that regular coverage is exhausted. Learn more about umbrella liability and how it works here.
Speaking with an ALIGNED broker is the best way to determine your business’ individual needs and get coverage lined up that specifically addresses the risks that your laboratory equipment supply business faces.
Contact an ALIGNED business insurance broker for a free quote and to discuss your needs now.
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