Product Liability Insurance covers claims due to Bodily Injury or Property Damage of the Third Party. It's highly important that all Medical and Drug Companies have a special suited insurance policy, which provides defense against the hazards within the Life Science Industry.
It's the area which medical manufacturers, distributors, suppliers, retailers, and others who develop medical products are held responsible for the injuries those products may cause.
Every policy is suited to the specific requirements of each product or medical company, according to their product(s) and needs.
Who needs Medical Product Liability Insurance?
If your company provides any Medical Products, then your Company needs Product Liability Insurance.
When there's a failure to identify the hazards associated with a particular drug or medical device it can have a drastic impact on the patients involved and the companies behind the product.
These risks, such as product failings are real and a potentially devastating threat.
The reach of litigation can extend from the manufacturer to encompass distributors and importers.
Medical Product Liability lawsuits happen when the product fails and causes injury or even death. Such lawsuits judgments routinely amount to Millions of Dollars for thousands or tens of thousands of plaintiffs in Class Action Suits.
Medical Product Liability Insurance is essential for all drug and medical manufacturers, distributors and importers whom can be exposed to those potential risks.
Orbit specializes in a variety of different Medical Product Liability Insurance including RECALL coverage, Clinical Trials inclusion , including on a World Wide basis.