Commercialization, also known as Phase 4, happens after a pharmaceutical or medical device receives FDA approval. As life sciences companies stand on the precipice of commercializing their new product, it’s important to become familiar with property and casualty insurance considerations. To protect years of hard work and the profitability of your product, companies must understand the risks at the commercialization stage, review insurance coverages, and amend coverage as needed.
In this article, we focus on the key exposures life sciences companies face as they prepare to commercialize their products. We will discuss which insurance coverages to review to mitigate risk, avoid gaps, and reduce costs.
Commercialization Phase Coverages: People
Commercializing a product often means taking on additional staff to perform functions like marketing, sales, and supply chain management. This will likely require additional coverage or amendments to existing coverage.
Workers’ Compensation
Workers’ compensation insurance is statutory coverage placed to cover employees who sustain an illness or injury from a work-related cause. It also covers work-related bodily injury or disease, other than…
