Startups now have access to specialized insurance previously limited to large corporations.
San Francisco, October 12, 2022 /PRNewswire/ — Vouch, a commercial insurer focused on technology companies, has announced its expansion into the Life Sciences category with the introduction of a new unique insurance solution.
For decades, life sciences start-ups have struggled to obtain business insurance. Large insurers typically do not insure early stage life sciences companies, especially unprofitable life sciences companies. In that case, the minimum premium would be exorbitant.
George ArriagaVouch’s Health & Life Sciences Vertical Lead, has identified the category at a technological inflection point as life sciences start-ups digitize their business models and increase investments in artificial intelligence to accelerate their R&D cycles. We see great opportunities to support.
“We believe the most transformative medical advances are happening in incubators across the country right now. These start-ups need help to protect their businesses in an ever-evolving risk environment,” said Aliaga. says Mr. “For example, artificial intelligence technology is being used in drug discovery, disease diagnosis, and patient risk identification. Groundbreaking startups are emerging.”
Vouch is insurance for the tech industry. Since 2018, Vouch has revolutionized the buying experience and quality of coverage available to technology companies by introducing 10 unique coverages and professional intermediaries. Today, the company brings the same expertise and unique capabilities to the underserved life sciences startup ecosystem.
Life sciences start-ups face unique risks. Vouch offers a suite of exposure-driven indemnifications to ensure comprehensive protection from research and development throughout product commercialization.
- Changes to the managed environment scope – For perishable and perishable property
- vivarium coverage – For animals used for research and development, breeding, or harvesting biological products
- Scope of clinical trials – When sponsoring or conducting human clinical trials
- medical malpractice compensation – To provide treatment or advice that may lead to exposure to medical malpractice
- Professional pollution coverage – For products susceptible to contamination by radiation, bacteria, mold, mildew, micro-organisms, viruses or pathogens
- Denial of intact stock insurance – If the product is not damaged, but is considered endangered and condemned by the FDA
In addition to the new unique coverages announced today, Vouch will provide life sciences start-ups with specialized coverage that can source additional insurance from the broader insurance market to provide a comprehensive and integrated insurance solution. It also provides access to intermediaries.
Insurance provides the necessary protection, but a combination of insurance programs and expert advice can help startups withstand future risks.
“Operating in a fast-paced environment with a complex and unique risk profile, life sciences start-ups need not only specialized coverage, but advisors who understand their needs,” said Aliaga. “Our life sciences insurance advisors are trained to provide expert guidance through each stage and milestone of a startup.”
Insurance limit advice and pricing for each stage of your life sciences startup is available on Vouch (https://www.vouch.us/). Additional information on health and life sciences offerings is available at https://www.vouch.us/verticals/health-life-sciences.
About voucher insurance
Vouch provides business insurance to thousands of high-growth businesses. Since its inception in 2018, the firm has helped clients get risk management right through its niche expertise, unique approach to pricing and underwriting, rapid digital-first sourcing, and coverage that grows as the company grows. I’ve been supporting you. For more information on Vouch, please visit https://www.vouch.us/.