Policy will provide cover for SME companies in the UK
Markel UK has launched a new product for the UK biomedical and life sciences sector.
The policy will provide insurance for UK SME companies operating across various industries, ranging from pharmaceutical, biotechnology, to laboratory instruments and equipment.
Cover will include protection against several liability exposures including injury and property damage, financial loss, clinical trials, employers’ liability, entity defence and directors’ and officers’ liability.
The specialist insurer said the sector, which is well established in the UK, is expected to see strong growth, with £5bn being invested annually in pharmaceutical research and development.
Markel’s retail division managing director Simon Fell said: “The life sciences sector has been one of the UK’s success stories, generating £50bn of turnover annually.
“We found that although 90% of companies in the sector are SMEs, the insurance protection offered to them is often designed for the needs of multinational businesses.
“As SME liability specialists, we have designed our new policy to meet the specific needs of these small to medium, fast growing businesses.”