As a contract research firm, you are in a precarious liability position. From government regulation to under-informed subjects to questioned findings to delayed results to vicarious product liability to cyber breaches, contract research organizations face a myriad of risks. Contract Research Organization Insurance can provide the coverage your CRO needs to protect it from the devastating costs of medical litigation.
Risk Management Tips for Contract Research Companies
Here are just a few steps your CRO can take to help mitigate its risks:
- Retain a lawyer or law firm that specializes in medical law draft subject consent forms that are detailed yet easy to understand
- Ensure the persons responsible for administering informed consent forms are professionally trained
- Have your attorney review your subject recruiting process
- Conduct thorough due diligence checks on principal investigators
- Have a services contract drafted that clearly delineates your CRO’s roles and responsibilities
- Implement a comprehensive risk management process and employ a full-time risk manager if necessary
CRO Insurance Coverages
The following coverages are customizable to meet your CRO’s needs.
Errors & Omissions (E&O) / Professional Liability Insurance – provides legal liability coverage including lawyer’s fees, out-of-court settlements and awards for lawsuits alleging malpractice or losses sustained by a client due to your CRO’s negligence associated with services provided and research done.
For more detailed information on malpractice coverage, visit our Medical Malpractice Insurance For Medical Practitioners In Canada page.
Commercial General Liability Insurance – legal liability coverage for litigation alleging a personal injury took place on your premises as well as property damage, false advertising and libel/slander claims.
Property Insurance – protects your building and contents in case of perils such as flooding, fires, sewage backups and more. Optional extensions include:
- Business Interruption insurance to replace lost income after an insured peril; and
- Extra Expense coverage to set up a temporary location following an insured peril.
Cyber Liability & Privacy Insurance – considering the highly sensitive information contained in your data banks, a breach of your system could trigger a chain of losses and recovery costs. Cyber insurance can provide coverage for third-party losses, ransomware demands, data and systems restoration and more.
Directors & Officers (D&O) / Board Insurance – offers protection for your board members who face potential personal liability for errors, misleading statements, conflict of interest and other ‘wrongful acts’.
Your Specialty is Data, Ours is Commercial Risk Management
Commercial insurance is all we do. Our advocates save you time, money and the headache of shopping around for contract research organization insurance that provides comprehensive coverage and that fits your budget. We work with Canada’s top insurance companies to get your CRO’s insurance tailored to its needs. Contact an ALIGNED advocate to get a free quote on contract research organization insurance in minutes or get started right away by using our free online tool.