Insuring medical equipment and the services it provides.

The medical field is full of evolving technology, but with that evolution in technology comes an evolution in risk. Whether you sell, repair or service medical devices and equipment, don’t leave yourself exposed. The Healthcare and Life Sciences Group at NFP is proud to have experience working with companies of all sizes. With decades of experience, we’ve developed an in-depth understanding of how your business works, your day-to-day functions and your equipment needs. We also offer package credits and provide all lines of insurance starting at low minimum premiums.

Well-Rounded Liability Coverage

Our core coverage is comprehensive general liability coverage for claims of bodily or property damage against you, whether those claims result from your operations, from service on a piece of equipment or from your product any other time. One vital aspect of our coverage is that it uses and occurrence form, not a claims made form. This means that there is no time limit to file claims, and any incident that occurs during the policy period is eligible, no matter when it is claimed. This simplifies claims management, and prevents hidden costs. We also do not have a deductible on our policies: they aren’t necessary to keep costs down, and can be a hefty cost for the insured to bear.

Beyond foundational general liability coverage, we offer coverage enhancements to support the specialized needs of many businesses:

  • Aggregate limit $3 million on all policies
  • Non-owned auto, if required, may be included within the minimum premium
  • Defense cost paid unlimited for covered claim
  • Maximum charge for all specifically endorsed additional insureds and waivers
  • Automatic additional insured – managers or lessors of premises
  • Each location and each project – equal to general aggregate
  • Waiver of subrogation
  • HIPAA legal coverage
  • Limited product withdrawal expense
  • Property damage to borrowed equipment and customer goods
  • No fault medical payments
  • Excess (aka umbrella) coverage limits available up to $10 million. Ability to add to general liability and auto liability

Property Insurance that Performs

Medical device sales, repairs and servicing depends on equipment, and insuring that property is vital. Protect your business income from damage to your location and property with coverage tailored directly to your situation and your needs. Our property insurance for those in the medical device field includes:

  • Employee theft
  • Property off premises
  • Voluntary parting or fraud
  • Exhibition coverage
  • Salesman’s sample
  • Electronic data processing equipment, data, media
  • Property in transit

Auto Insurance for Risks in Transit

Getting medical devices to their final destination comes with its own set of unique challenges. Our team will work with you to create an auto policy for the transportation of medical devices during sales and the vehicles that transport them, as well as for technician trips for repairs and servicing:

  • Auto liability and physical damage
  • Hired auto physical damage coverage
  • Glass breakage waiver of deductible
  • Loss of use expenses
  • Towing and labor
  • Accidental airbag discharge
  • Auto loan or lease gap coverage
  • Rental reimbursement coverage

For more information on our specialty options for medical device manufacturers, visit the ProTek website.