"These companies are booming, but to keep up with the influx of professionals and huge business growth, they must remain compliant and protect every step of their operations."
Robin Chubb, Account Executive at Cowens
The UK’s Life Sciences sector is booming. As the government continues to plough more money into healthcare and technology by securing two sector deals to invest in the industry in just two years, recent stats show that vacancies for clinical professionals have risen by 37% in the past twelve months.
Locally, Cambridge Innovation Capital, supported by the University of Cambridge, has raised a further £150 million to fund 25 life science and technology companies across the region. This is the largest amount of private funding by any tech company in the UK, further boosting Cambridge as the fastest growing city in the UK.
But with this huge growth comes an increased need for support for research businesses to protect their development at every stage. From intellectual property to clinical trials, the life science industry poses many unique challenges. The key for the growth of the sector is having the correct protection in place for each of these distinctive risks, to enable secure development of some of the world’s leading technological, biological and pharmaceutical advancements.
Robin Chubb, Account Executive at Cowens Insurance Brokers in Stamford, discusses the importance of water-tight insurance for life science businesses and how bespoke packages can help the huge growth in this sector in Cambridge and surrounding areas.
He comments: “Cambridge and Peterborough are a hot bed for some of the most advanced research and development companies in the UK – with knowledge and talent from some of the world’s leading experts coming from Cambridge University. These companies are booming, but to keep up with the influx of professionals and huge business growth, they must remain compliant and protect every step of their operations.
“As well as clinical expertise, businesses must have awareness and understanding of the risks their work pose and for this, a broker is essential to create a bespoke package. When dealing with extremely sensitive and confidential data and material, insurance is one of the fundamental aspects of a secure and stable business within this industry.
“Specialist life sciences cover can include unique occurrences including computer breakdown and loss of data, legal expenses, clinical trials, medical liability, controlled environments and employee fidelity. This type of cover also must be provided in conjunction with standard business insurance to cover usual activity, such as material damage, business interruption and goods in transit.
“Many regional brokers may not have access to distinctive cover, but at Cowens we have close ties with many of the specialist insurers in the market, meaning we can provide life sciences companies with the unique policies they require. Having a flexible and agile team also means constant support and personal consultations, meaning businesses don’t have to deal with call centres if they have an issue.
“Involving an insurance broker also means that businesses are much more likely to understand and comply with the terms of their policies, which has a huge impact on how successful they will be in the event of a claim.”
If you’re looking for comprehensive cover for your life sciences business or would like any further information on bespoke cover for research and development, get in touch with Cowens on info@cowensgroup.co.ukor 01733 375630.
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