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June 30, 2018

Filling the Demand for Start-Up Medical Device Company

Client Profile

Industry: Life Sciences
Entity Structure: LLC
Ownership Structure: Privately Held
Annual Revenue: $55,000
Number of Employees: 3

Electrical Contractor photoProblem

A start-up medical device company is conducting clinical trials in the upcoming weeks and realized it needed insurance to cover its business and products. Due to a referral from a CBIZ client in the same industry acquainted with its CEO, CBIZ was contacted to discuss potential insurance solutions.

Solution

Our risk management advisors scheduled a meeting with the CEO to discuss the company’s risks and coverage options. At the meeting, we explained each individual coverage and potential outcome from a lack of coverage. The client was going to market with its product soon, so we also considered limits required by its future customers. We recommended a general liability policy with an umbrella policy to provide the added liability protection needed. Also presented were coverage options needed for the company’s continued growth.

Outcome

Our comprehensive risk solution delivered competitive pricing while providing required coverage and limits to allow the client to enter the marketplace. The client now has knowledge of necessary coverage needed as it grows. 

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