The Canadian medical device industry is a vital sector of the healthcare industry, known for its innovative solutions and advanced technology. In fact, Canada has the eighth-largest market for medical devices, valued at nearly USD $10 billion in 2022. (1) Similar to the global industry, Canada’s medical devices industry is highly diversified, with majority of firms are small and medium-sized enterprises (SMEs). (2)
Canada’s medical device industry is both expansive and rapidly evolving. However, with growth and innovation come unique risks and challenges. Insurance is crucial for medical device manufacturers and distributors to safeguard against potential financial losses and legal liabilities.
SWG’s Coverage Spans
We offer a broad range of coverage options to meet the unique needs of the medical device industry, covering all stages from manufacturing to distribution:
- Product Liability
This coverage protects against claims arising from defects in medical devices that cause harm or injury to patients. - Professional Liability
This coverage protects against claims arising from sales agents for professional errors pertaining to the distribution to clients and customers. Provided on claims-made form. - Contract Manufacturer Professional Liability
This coverage protects against claims arising from errors arising out of the requirements of the specified medical device. This coverage is claims-made. - General Liability
This coverage includes protection against claims of bodily injury or property damage caused by the company’s operations or products. For medical device manufacturers and distributors, this is essential to cover incidents that may occur during the production, distribution, or use of medical devices. - Property and Equipment Breakdown
This coverage protects physical assets and equipment essential to the manufacturing and distribution processes. It includes protection against damage to buildings, machinery, and other equipment, ensuring that business operations can continue smoothly in the event of an unexpected breakdown or damage. - General Liability
This coverage includes protection against claims of bodily injury or property damage caused by the company’s operations or products. For medical device manufacturers and distributors, this is essential to cover incidents that may occur during the production, distribution, or use of medical devices. - Cyber/Privacy Liability
This coverage addresses risks related to data breaches and cyberattacks, which are increasingly common in the medical device industry. It includes first-party expense reimbursement for costs incurred due to a breach and third-party liability for claims made by affected parties
Other Industries SWG Underwrites
We provide comprehensive insurance solutions for a wide range of industries within the Life Sciences sector, including:
- Pharmaceutical and Biotechnology Companies: Both private and publicly traded entities.
- E-Health Platforms: Including telehealth and digital health services.
- Clinical Trials: Ensuring coverage for research and development phases.
- Nutraceuticals: Products that provide health benefits beyond basic nutrition.
- Medical Technology Manufacturers: Innovators in medical tech solutions.
- Medical Cannabis: Covering the unique risks associated with this growing industry.
- Clinical Research Organizations: Supporting research and development.
- Academic and Research Institutes: Facilitating scientific advancements.
Trust SWG to be your partner in navigating the complex landscape of the Life Sciences industry. Reach out to our underwriting team for assistance.
Sources:
1. Made in CA
2. Government of Canada
