What is Clinical Trials Insurance?
Clinical trials are essential to many scientific and medical advancements, and treatment would be nowhere near what it is today without this essential scientific approach. Even when done with the utmost care and caution, however, trials present significant liability risk. Clinical trials insurance policies help Massachusetts laboratories protect themselves from many of the liability risks that come with conducting these types of trials.
Clinical trials insurance policies are highly specialized commercial insurance policies for institutions that conduct clinical trials. Because these are such specialized policies and the potential risk posed by trials is so significant, organizations should work closely with an insurance agent who focuses on this unique type of insurance when searching for coverage. A knowledgeable agent will be able to help organizations assess their risk exposure and find the most suitable insurance that’s available.
What Massachusetts Organizations is Clinical Research Insurance Right For?
In general, the vast majority of organizations that conduct clinical trials in Massachusetts should have clinical research insurance in place. Many will be required to carry the insurance before beginning trials (and throughout the duration of their trials).
The following are some examples of different organizations that might need this insurance:
- Pharmaceutical drug makers
- Medical device makers
- Medical research facilities
- Medical schools that conduct trials
(This isn’t intended to be a comprehensive list, and many other organizations may need a clinical research policy.)