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The Essential Guide to Medical Technology Company Insurance

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Medical technology has a long history of extending life expectancy and improving quality of life and healthcare delivery. Medical technology company insurance is customizable and can help protect your business operations regardless of the size from the risks and high industry standards you face.

Medical Technology Company Insurance Coverages

Medical Technology Company Insurance
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Commercial General Liability Insurance provides legal coverage: lawyer’s fees, defence costs, out-of-court settlement and awards for damages for litigation alleging bodily injury, property damage, false advertising and libel & slander claims. 

Product Liability Insurance can be included in your commercial general liability coverage and is highly recommended for medical technology companies as it can provide cover in case your medical devices and products cause injury or property damage.

Product Recall Insurance is another extension that can sometimes be added to your commercial general liability coverage or purchased on a standalone basis and can provide protection for the costs related to recall expenses including testing, disposals, lost profits, replacement costs and brand rehabilitation expense.

Property Insurance protects building and contents with coverage in the event of a fire, flooding, windstorms, earthquake, burglary and other perils. Other extensions include:

  • Business Interruption coverage for lost income after an insured peril; and
  • Extra Expense coverage for the costs of setting up a temporary location following an insured peril

Trademark / Intellectual Property Insurance which can cover both legal defence of copyright/trademark/intellectual property infringement accusations and enforcement of your medical technology company’s intellectual property rights. 

Directors & Officers (D&O) / Board Insurance indemnifies your medical technology company for the legal costs to defend directors and officers who are otherwise unprotected from litigation alleging errors, misleading statements, conflict of interest and other ‘wrongful acts’ claims. 

Accounts Receivable Insurance can provide cover for receivables that would otherwise be written off as losses and is recommended for medical technology exporters because of the protection it offers in case those accounts are in a foreign country that experiences political or other instability.

Cargo Insurance for medical technology companies that ship their products outside of Canada. Provides your shipments with comprehensive, end-to-end coverage around the world and provides you with the benefit of a local contact in case a claim need arises.

Cyber Liability & Privacy Insurance which can provide coverage for losses stemming from a breach including third-party losses, data and systems restoration and legal defence costs.

Crime Insurance / Fidelity Insurance provides coverage for losses incurred due to theft, embezzlement, forgery, fraud and other forms of employee dishonesty.

Commercial Auto Insurance / Commercial Vehicle Insurance mandatory coverage for medical devices delivery and company vehicles and any other vehicles used by your business.

ALIGNED – Medical Technology Insurance Assembled by Commercial Insurance Specialists in Canada

ALIGNED saves you time, money and the hassle of shopping around for medical device manufacturing company insurance that covers all of your risks at an affordable rate. Commercial Insurance is all we do. We advocate for you when working with Canada’s top insurance companies to get you comprehensive medical technology insurance at competitive rates. Contact an ALIGNED advocate to get a free quote on medical device manufacturing company insurance in minutes or get started right away by using our free online tool.

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