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Risks and Liabilities facing Pharmaceutical Companies
Some of the other risks and challenges that threaten your pharmaceutical company include:
- Public safety and product liability
- Counterfeit drugs using your name
- Product recall
- Supply chain issues
- Proper waste disposal
- Perils / natural disasters including fire, water damage etc.
- Equipment malfunction
How Pharmaceutical Company Insurance Can Help Protect You
Pharmaceutical company insurance is a customizable plan of adjustable coverages designed to respond to the specific needs of each individual pharmaceutical company.
Below are some of the more common coverages typically included in a pharmaceutical company insurance package:
Product Recall Insurance can cover the costs of issuing a recall including testing, profits lost on wasted product, replacement costs, disposal fees and brand rehabilitation expense.
Pollution Liability Insurance is another important coverage for pharmaceutical companies and can help protect them from the overwhelming costs of litigation, fines and cleanup expense.
Trademark / Intellectual Property Insurance that can cover your pharmaceutical company’s costs to enforce its trademarks.
Accounts Receivable Insurance can help protect your profits in case purchasers fail to pay their balances and can include coverage for losses stemming from political unrest and other issues in countries outside of Canada.
Cargo Insurance provides comprehensive, end-to-end coverage for your shipments.
Property Insurance that protects building and contents including equipment, supplies, and assets in case of perils such as fires, floods, bad weather incidents, etc. Your pharmaceutical company may also require Business Interruption coverage to help you manage your operating costs after an insured peril and Extra Expense protection to help you set up a temporary location to continue operations.
Boiler & Machinery Insurance / Equipment Breakdown Insurance that protects your pharmaceutical company from losses attributable to equipment failure including repair or replacement costs and other ancillary costs stemming from a malfunction.
Cyber Liability & Privacy Insurance which protects your organization from the costs stemming from a breach.
Crime Insurance / Fidelity Insurance covers losses due to employee theft or fraud.
Directors & Officers (D&O) / Board Insurance protects your board members from liability based on ‘wrongful acts’ and/or alleged breaches of duty.
Commercial Auto Insurance / Commercial Vehicle Insurance for your pharmaceutical company’s fleet of vehicles.
Get ALIGNED with the Right Pharmaceutical Insurance
Our brokers are not only commercial insurance specialists, we’re advocates too. We work with Canada’s top insurance companies to get your pharmaceutical company the coverage it needs at competitive rates. Get a quote online or contact us to discuss your pharmaceutical company insurance needs.
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