Emergence hosts Halifax Risk Management workshop for Atlantic bio startups

The BioScience sector has becoming increasingly characterized by smaller R&D labs and innovative startups.

This, together with the need for longer and larger clinical trials, increased regulation and regulatory compliance, economic and legislative issues, the challenges of contract manufacturing, attracting funding, and the need for secure data and IT networks, are just some of the other emerging challenges that companies in the bioscience sector are facing. All of these trends mean increased risk exposure for emerging ventures!

To discuss these issues, and whether bioscience ventures at all stages of their lifecycle have the appropriate coverage in place to protect themselves from such risk exposure, Emergence, together with Halifax-based BioNova and Emergence Professional Service Provider Partner, JLT Canada, collaborated to host a Risk Management workshop for bio-sector innovators and entrepreneurs in Halifax, Nova Scotia on February 22.

This interactive roundtable event was designed to “demystify” coverage options for companies at every stage of their life cycle, including Pre-Clinical/Incubator Stage, Pre-Clinical with Funding Stage, Clinical Stage, Commercial Stage, and IPO Stage.

The roundtable helped participants to better understand how appropriate insurance can mitigate risks for bioscience companies, especially that associated with:

• Product Liability,
• General Liability (the first coverage most start-ups need),
• Directors & Officers (Investors often require another type of coverage),
• Key Persons (the coverage likely required after Angel investment),
• Clinical Trials (for any Clinical Stage company),
• Stock Throughput, and
• Cyber-related threats.

Other types of coverage discussed included: Umbrella liability, Product liability, Errors & Omissions liability (also known as professional liability), Property, Crime, and Network security and privacy breach insurance.

Representatives from JLT Canada presented these various scenarios, along with colleagues from Trisura Guarantee Insurance Company, who explained the importance of risk transfer when considering cyber risks and network security and privacy breach related challenges.

Emergence Director, Martin Yuill, told the workshop: “Innovation in the bio economy is all about strong regional collaboration and partnerships, such as we are seeing with this partnered event between Emergence and BioNova from Halifax.” 

Yuill says that the growth in the number of Emergence clients across the Atlantic region created the demand for this type of event.

“This partnered roundtable event in Halifax is a direct response to the growth in the number of Emergence clients we are seeing from across the Atlantic region,” Yuill told us.