When Your Insurance Broker Masquerades as a Specialist


Is your insurance broker actually specialized in your industry or are they half-specialized?  You are probably asking yourself – “Matt, what are you talking about?  What does that even mean?”  Let me explain.

What most insurance brokers do is tell you they are specialized, but really are only giving you the specialists for one line of coverage, which in the life science sector is Products Liability.  I would call this broker half-specialized, they have highly specialized brokers for the Products Liability but those brokers do not touch the other lines of coverage.  Instead, they typically hand off the other lines to what I would call the “general industry” or “middle market” broker who does not necessarily understand the nuances and risks that a biotech or medical device company might encounter.  The individual broker could work on a five real estate companies, a manufacturer of widgets, a tire distributor and one biotech company.  Does that sound like a specialist?  Does that make you feel comfortable?

Think about where your greatest risk is if you do not have a commercial product.  Your biggest risk is probably not the Products Liability due to informed consents, protocols and defined patient count but on the other lines of coverage where you are getting the non-specialized broker.  To me that does not make sense.

I work in the life science industry and I consider myself specialized, not half-specialized, but 100% specialized.  I can say this because I do not outsource certain policies to brokers that are working on accounts outside of the Life Science industry.  In our group we work with life science and healthcare clients exclusively, across all lines of coverage.  We would love to demonstrate to you what the difference is between the two; we can do this by reviewing the policies you currently have in place and giving you our findings. Message or email me to discuss further.

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