How should I select a life sciences insurance broker or agent?

A licensed insurance broker can help you find the right carrier—and a whole lot more. “The brokers we work with especially are not really trying to sell you things as much as advise you on what you need and when you need it,” says Lynn Carney, Director of Agency and Alliances at Medmarc. “They do a great job of educating clients and then using our risk-management department for services such as reviews of contracts with customers or informed consents in clinical trials.”

Brokers can help companies obtain many forms of coverage, including workers compensation, auto, and cyber insurance. As with carriers, the best brokers tend to have expertise in medtech and life sciences. Some even have science backgrounds.

If you aren’t sure where to start, Carney recommends contacting Medmarc first. Different brokers have different size requirements for their target customers, so some may not want to service start-ups. Others may not specialize in life sciences and therefore not understand the ins-and-outs of your company's products and services. She says, “Since we specialize in medtech, we have curated a list of brokers across the country that work with medtech companies of all sizes and technologies.”