Deterioration of stock contained in a controlled environment is a significant cost for life science businesses
How safe is your R&D material? The contents of your freezers may represent months of valuable R&D time – and without Stock Deterioration insurance, a malfunction could screw up project timelines and hit your revenue.
Insuring “property” in the biopharmaceutical sector differs hugely from risks of other sectors. A key area of concern for manufacture and research organizations is storage of refrigerated stock: losses arising from a change in controlled environment (malfunction or breakdown of fridges or freezers, dewars running dry) can be very costly, and an integrated risk management program is crucial.
Assessing the Risk
It’s important to evaluate how business-critical the contents of refrigeration units are. They may represent months of valuable research and development time, and losses might impact on revenue and clients’ R&D operations.
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Tech-based business is 24/7, global and borderless, always exposing you to new risks and liabilities - often in unfamiliar places. As the law struggles to keep pace with technology, insurance can provide a real safety net if you fall foul of changing legislation.