https://completemarkets.com/company/veracityinsurance/research-and-development-insurance/
The Research & Development Insurance Program from Veracity Insurance Solutions, LLC is specifically designed for scientific and technology-driven companies engaged in research, development, and innovation. Whether your client is a start-up biotech firm, a virtual pharmaceutical company outsourcing lab work, or a tech enterprise transitioning from pre-clinical to clinical trials, Veracity offers flexible, tailored insurance solutions to meet evolving risk profiles.
Ideal Accounts and Appetite
This program is an excellent fit for a wide range of research-driven businesses, including but not limited to:
Biotech and pharmaceutical start-ups
Medical device developers
Contract research organizations (CROs)
Tech companies offering R&D services or hybrid product/service models
Virtual companies operating with outsourced supply chains
You might have a client launching a new medical device and beginning clinical trials, or a software company developing a proprietary algorithm for healthcare data—both would be strong candidates for this program.
Coverage Highlights and Advantages
The Research & Development policy provides broad and customizable protection, enabling coverage to grow with your client's business. Key features include:
General Liability – Protects against third-party bodily injury and property damage claims.
Professional Liability – Covers errors or omissions in R&D services rendered.
Product Liability – For companies offering physical or digital products.
Pollution & Contamination Liability – Address exposures from lab materials or testing environments.
Clinical Trials Coverage – Crucial for companies entering the testing phase.
Intellectual Property Rights Infringement – Helps manage the risk of IP disputes.
Virus & Hacking Attack Liability – Protection against cybersecurity threats.
Ideologically Motivated Attacks – Includes unique considerations for controversial or cutting-edge research sectors.
Brand Protection – Preserves reputation in the wake of negative events or claims.
Underwriting Notes and Minimum Premiums
With minimum premiums starting at $1,000, this program is accessible to emerging businesses and start-ups. Veracity welcomes new ventures and early-stage operations. Their underwriting team understands the nuances of scientific innovation and works closely with brokers to structure coverage that fits.
Territories and Availability
This program is available nationwide, including all 50 states and Washington, D.C. Most markets are available on a non-admitted basis, offering flexibility for unique or hard-to-place risks.
Why Work With Veracity Insurance Solutions
Veracity Insurance Solutions is a respected Managing General Agency and Excess & Surplus Lines Broker with access to multiple carriers and a strong track record in niche liability programs. Their expertise in emerging industries and commitment to flexible underwriting make them a reliable partner for brokers seeking specialized R&D coverage. From application to policy issuance, Veracity supports you with responsive service and market insight.
Frequently Asked Questions
What types of accounts are a good fit for this program?This program is ideal for biotech firms, pharmaceutical start-ups, medical device developers, and research organizations, including virtual companies and those transitioning to clinical trials.
Is this program available to new ventures or start-ups?Yes, Veracity welcomes start-up operations and early-stage companies, offering flexible coverage options for growing businesses.
Can this policy be customized as the business evolves?Absolutely. The policy is designed to adapt to changing risk profiles, such as transitioning from research to clinical trials or expanding product offerings.
What is the minimum premium for this program?The minimum premium starts at $1,000, making it accessible to small and emerging R&D organizations.
Is the program available in all states?Yes, the program is available in all 50 states and Washington, D.C., with most markets offered on a non-admitted basis.
Need help placing an account? Connect with a market specialist.
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