Biotech & Life Science
Providing the optimum outcome for every client
From coverage to claims, we understand the bespoke challenges faced by biotech, life science and pharmaceutical companies. As you manage complex regulatory requirements and unique market conditions, we will draw on our knowledge of your key risks to create tailored solutions that support your vision.
- Australia ranks top five globally for biotechnology, surpassing countries such as the UK and Germany in the past three years due to an influx of government funding, coupled with tax breaks for research development.
- Biotech and life sciences face distinct regulatory requirements and unique business cycles, where products can often take 10-15 years to reach market.
- Compliance regulations associated with many clinical trials moving from the United States, Oceania and Western Europe to emerging regions such as Eastern Europe, Latin America and Asia have increased the chance of negative incidences occurring during trials.
Are you covered?
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Cyber Insurance
Protect your business from internet-based risks including hacking, data theft, ransomware, misplaced/mishandled files, illegal acts by employees, inadvertent security breaches by employees, improper discarding of computers/hardware.
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Product Recall Insurance
Covers expenses associated with product recall including notification, shipping, warehousing and additional personnel. Cover can be extended to include the cost of repair, replacement or refund of the product.
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Professional Indemnity Insurance
Protection against legal costs and expenses arising from acts, omissions or breaches out of or from actual or alleged breach of Professional duty, in connection with the Insured's Professional Business.
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Portable Medical Equipment Insurance
Protection of equipment including mobile surgical equipment, mobile electronic devices used by medical and first aid professions and medical devices being trialled in various clinical trial phases.
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Clinical Trials Insurance
Protects against bodily injury, property damage and medical expenses related to clinical trials undertaken across the globe.
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Directors & Officers Liability Insurance
Protection for individual directors and officers in the event of actual or alleged acts, errors or omissions when managing a company.
News & Insights
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Mon 16 Mar, 2020
COVID-19: Business Interruption, Contingency and Workplace Risk
On 30 January 2020, the World Health Organisation declared the Coronavirus outbreak a Public Health Emergency of International Concern. We sympathise with everyone who has been impacted by the virus and...
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Wed 17 Jan, 2018
Are you a small business in NSW? You may be eligible to save on your insurance in 2018.
The NSW Government recently introduced a new small business stamp duty exemption under the Duties Act 1997 (NSW) for eligible insurance acquired on or after 1 January 2018. This means...
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Mon 09 Nov, 2015
National Insurance Brokers Association (NIBA)
Since 1988 Honan Insurance Group has been a member of the National Insurance Brokers Association (NIBA), an organisation which represents the interests of the insurance broking sector in Australia. NIBA...
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Tue 29 Sep, 2015
Great for Criminals, Bad for You: Social Media and KRE (Kidnap, Ransom & Extortion)
We should all be aware by now how fast the Internet and social media is growing. To put this into perspective, there are currently over 3 billion active Internet users,...
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Wed 10 Sep, 2014
SMEs Embrace Facebook & Instagram
Younger small and medium enterprises (SMEs) have responded to the need of using new media technologies for business with almost 41% of SME owners under the age of 44 using...
Testimonials
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The team at Honan have provided us with friendly, responsive and thoughtful service for over 10 years. Whether it’s general or specialist cover, they really understand our insurance needs.
Timothy MorganChief Executive Officer and Managing Director, FounderLachesis Biosciences Ltd
