Product looks after the insurance of medical device start-ups

Markel UK, specialist insurer, has launched a product designed to look after the insurance needs of small and start-up research and development businesses and organisations in the medical devices industry

The new policies build on Markel’s biomedical and life sciences product, launched at the end of 2013.

The policies offer a range of covers including public and products liability, professional liability, employers’ liability, blanket property damage and flexible first loss business interruption.  Directors’ and officers’ and cyber covers are also available.

Simon Webster, technical line manager, life sciences, commented: “The UK remains a vibrant and successful economy for science and technology based businesses and our conversations with brokers about our biomedical and life sciences policy made clear to us that there was need for business critical coverage for smaller and earlier stage businesses. 97% of companies within the sector are classed as SMEs, and they require specialist cover at an affordable price. Having the right level of insurance cover to protect against sector specific risks is crucial to avoid the potentially devastating impact of a claim. Our easy to handle policies provide that comfort.”