Medical Device Product Liability Insurance for Products that your company designs, manufactures, markets and distributes.
Medical Device Product Liability Insurance can protect your company against claims for injuries and damage as a result of the use of your products. Designing, manufacturing or distributing a medical equipment product can be lucrative. However in our complicated world simply selling a product has become cause for concern, and moreover a medical equipment product liability exposure. So much so that many wholesale and retail operations, pharmaceutical entities and health insurance carriers require that you as the manufacturer, distributor or wholesaler have products liability insurance on the medical equipment you supply. Additionally, as a retailer of these products, you may be held responsible if there is an injury that results out of use of a product you sell.
Medical Device Product Liability Insurance is Available for the following classes, but are not limited to
| Dental Supplies | Xray and Imaging Devices | Surgical Supplies | Mobility Scooters |
| Medical Supplies | Lab Equipment | Syringes and Needles | Bandages |
| Canes & Walkers | Expendables: Gloves, Gowns | Wheelchairs | Catheters |
What is Medical Device Product Liability Insurance?
Product Liability Insurance Coverage covers the policy holder in the event that a suit arises out of the use of the insured’s products. This can be loss to personal property, business property, injury or death. These items may be canes, walkers, braces, syringes and IV bags.
What does Medical Device Product Liability Insurance cover?
Liability insurance is designed to protect your business against losses even if you are negligent or liable for damage, injury or loss to another’s property. Typically, damages, legal defense fees and settlement charges are paid by the insuring company when a claim is filed against the business as a result of a Products Liability Suit. Hence, Products liability insurance will cover the insured for suits that arise out of damage or injury of use of a product that the insurance policy holder manufactures or sells.
Bodily Injury
Liability coverage may pay the affected person or firm for the cost of care, the loss of services and restitution for death that results from an injury.
Property Damage
In the event your business or product causes damage to, or causes the loss of use of someone’s property. Property damage liability
coverage may pay for the value of the physical damage to the property; or the loss of use of that property.
Who Should Have Medical Device Product Liability Insurance?
Anyone that is responsible for the design, manufacture, sale or distribution of a component or end user product. This applies to any business or individual that manufactures their own product or even if the product’s manufacturing is subcontracted out buy another operation. Even if the operation is overseas and coverage is available for unscheduled devices, as well as FDA Class I, Class II and Class III.
How is a Medical Device Product Liability Insurance Policy Rated?
A Products Liability Insurance Policy is rated on several factors.
- What is the product you are covering?
- How many of these products will be distributed into the market?
- What are they used for and who will be using them?
- How long are they intended to last?
- What are they made of?
- How clearly defined are the usage instructions, directions and guarantees and or warranties that are provided with the product?
- What claims does the manufacturer or distributor make about the product, either in writing, demonstration or in media?
What Does Medical Device Product Liability Insurance Cost?
Products liability insurance costs are much like any other liability insurance product. There no real average rate because they are based on the specific type of product you manufacture, retail or market. There are some products that pose very little potential to cause harm or damage and there are others that have a higher propensity to be risky, and therefore carry higher premiums.
- Products Liability Coverage
- Blanket Additional Insured for Managers, Landlords, or Lessors of Premises
- Professional Liability Limits are separate from General Liability
- Primary and Contingent Medical Professional Liability available in most states
- $20,000 Premises Medical Payment limit
- Business Income Coverage – Actual Loss Sustained
- Employee Theft Coverage
- Automobile coverage including non-owned and hired car liability that can be included under our package policy
- Tenants Legal Liability limit of $1,000,000 included on the General Liability form
- Interest-free installments available for accounts that generate at least $2,000 in premium
Medical Device Manufacturers Product Liability Insurance Key Benefits
General Liability Insurance Coverages For Medical Equipment Manufacturers Product Liability Insurance
- Comprehensive General Liability – Limits to $1,000,000 per occurrence/$3,000,000 aggregate with excess coverage up to $100,000,000
- Products Liability Coverage
- Premises Liability
- Personal Injury Liability
- Volunteers as Additional Insureds
- Employee Benefits Liability
Property Insurance Coverages – optional
- Blanket limits with large in-house capacity
- Special Causes of Loss on buildings, contents, business income and extra expense
- Crime, Equipment Breakdown, Inland Marine and all Property coverages under one policy
- Agreed Amount endorsement available with property appraisal
- Business Income Coverage – Actual Loss Sustained
Automobile Insurance Coverages – optional
- Owned auto
- Hired and non-owned auto
- Volunteers as insureds
- Hired physical damage exposures
- Rental reimbursement for private passenger vehicles
- Minimum physical damage deductibles of $500/$1,000
Crime and Fidelity Insurance Coverages – optional
- Employee Theft may be provided for limits up to $25,000
- Theft, Disappearance and Destruction of client property
Directors and Officers Liability – optional
- Defense costs in addition to the Limit of Liability
- Most favorable venue wording for punitive, multiple or exemplary damages
- Order of payments language with priority placed on indemnifying Individual Insured first
Professional Liability Insurance Coverages – optional
- Occurrence or Claims-Made forms available.
- Separate coverage part so no erosion of General Liability aggregate limit.
- Provides vicarious coverage for sub-contracted physicians, dentists, and optometrists.
- Contingent, Vicarious Liability for employed and volunteer physicians.
- Primary Professional Liability for employed and volunteer physicians and dentists while in the course of employment is available.
Enhancement Endorsements Available
- Include $50,000 limits each for Business Travel Accident Benefit, Donation Assurance, Emergency Real Estate Consulting Fee, Identity Theft Expense, Image Restoration and Counseling, Key Individual Replacement Expenses, Kidnap Expense, Terrorism Travel Reimbursement, Workplace Violence Counseling. $25,000 limits for each Conference Cancellation, Fundraising Event Blackout, Political Unrest.
- ($5,000 per employee), Temporary Meeting Space Reimbursement and $1,500 Travel Delay Reimbursement Crisis Management Enhancement Endorsement.
- $25,000 limit for crisis management emergency response expenses incurred because of an incident giving rise to a “crisis” Loss Control Services.
- Product specific web-based loss control solutions.
- Free On-line interactive Defensive Driver Training course and examination.
- Regular E-Flyer communications on current Loss Control issues and Large Loss Lessons Learned.
- Strategic partnership with best in class vendor for discounted background & motor vehicle record (MVR) checks.