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5 Hidden Risks in the Tech Industry

Specialized insurance solutions for life sciences

Life sciences is all about potential—to change a life, or even save a life. Hanover Life Sciences Advantage offers a broad array of specialized coverages for the unique risks of life sciences organizations.

  • Medical device research and development, manufacturers and distributors of diagnostic, surgical, therapeutic, and monitoring devices
  • Pharmaceutical research and development, manufacturers and distributors
  • Digital health including healthcare information technology and telemedicine
  • Contract research including pre-clinical and clinical support to the pharmaceutical, biotechnology and medical device industries, in addition to research institutes

More value for life sciences organizations

The Hanover team understands the complex risks that life sciences organizations face and offers expertise at every level including underwriters, claims professionals and risk management experts who work seamlessly together to provide customized solutions. Beyond The Hanover's experienced team, we partner with a select group of specialized agents who have deep life sciences industry knowledge and understand your unique needs.

End-to-end coverage for medical devices, pharmaceuticals, digital health, and contract research organizations

The Hanover's product offering

Our comprehensive solution, Hanover Life Sciences Advantage, was designed to meet the complex coverage needs of life sciences organizations. Its flexible coverages and services can be customized to meet the unique needs of a wide array of companies in the diverse life sciences segment. Our multi-line solution for life sciences features:

  • Hanover Fusion — see below
  • International coverage
  • Commercial property
  • Equipment breakdown coverage
  • General liability
  • Commercial auto
  • Commercial umbrella
  • Workers' compensation

Hanover Fusion is the cornerstone of our specialized offering for life sciences organizations. This is a customizable coverage solution that offers:

  • Products completed operations (including human clinical trials)
  • Errors and omissions
  • Information security and privacy and personal Injury
  • Media and content coverage

Optional Hanover Fusion coverages include:

  • Data breach expense
  • Products recall expense
  • Human clinical trial expense
  • Fines and penalties coverage
  • Regulatory proceeding claim expense

Healthcare professional liability

Our Hanover healthcare offering complements our life sciences capabilities with the ability to provide a unique professional liability coverage solution to life sciences organizations with a clinician or healthcare professional exposure, including:

  • Broad professional liability coverage for administrative services, healthcare services, physicians coverage (for select classes), medical directors, proctoring services, and independent medical and non-medical contractors coverage
  • Most policies will be written claims made on non-admitted paper

Risk management and claims services

In a perfect world you would never have to file a claim. But in the real world, you need to be prepared with effective risk prevention programs. Hanover's Risk Solutions professionals help you avoid claims by offering insightful ways to minimize your risk. Should a claim occur, our dedicated life sciences claims team is ready with the expertise and resources you need 24/7. Our claims and risk management teams work closely to identify ways to minimize risk and prevent future loss. We're always thinking about helping you manage risk — and Hanover's Risk Solutions website is an excellent resource for policyholders that covers issues directly relevant to life sciences organizations, and offers discounts for services provided by third-party services.