With intellectual property arguably one of the most valuable assets a life science business possesses, Kathryn Moon, Life Science Risk & Insurance specialist at UK broker Gallagher, looks at why it can be essential for businesses in the industry to have a robust insurance policy in place to protect it.
IP
Many companies in the life science industry typically stop short of taking out insurance for intellectual property (IP), despite its value as a business asset. This is because, historically, the insurance market made the application process unnecessarily complicated and drawn out. If and when quotations were provided, these were often expensive and restrictive in terms of cover.