Where Can I Get Insurance For A Medical Device In Canada?
If you are involved in the design, manufacturing, retailing and or wholesaling of medical devices in Canada you are familiar with the intensive regulatory environment in Canada. These checks and balances are in place to protect the Canadian public as a medical device of any kind could potentially cause significant injury or death if improperly designed, used, poorly manufactured etc. Although primarily intended to protect the Canadian consumer the rigour of the Canadian medical device regulatory framework also provides effective risk management for all companies involved in the medical device sector.
In addition, to the protection medical device companies derive from regulatory adherence, extensive quality control assurance, policies procedures, SOP’s etc. However, the way things are done can only provide so much protection and bad things can still happen which is why many people are also asking where can I get insurance for a medical device in Canada?
So…Where Can I Get Insurance For A Medical Device In Canada?
If you are asking where can I get insurance for a medial device in Canada you came to the right place as the experienced insurance brokers at the commercial insurance brokerage ALIGNED Insurance will get insurance for a medical device from some of the 65+ top Canadian insurers they work with. As the marketplace for insurers that provide insurance for a medical device is very small it’s important to select a brokerage that understands your product and these specialize insurance products. The insurance brokers at ALIGNED Insurance have the experience and expertise need to get insurance for a medical device in Canada and will also do the shopping around for you so you can focus on building your business.
What Information Is Needed To Get Insurance For A Medical Device In Canada?
Insurance for a medical device is a very specialized/niche area and to get insurance for a medical device in Canada an insurance application needs to be completed.
Information a medical device insurance application will ask for:
- Projected annual revenue
- Source of revenue ex. manufacturing, distributing, retailing etc.
- Revenue from the class of device(s) as defined by Health Canada or the FDA
- Product Information
- Risk management & quality control information
- History of claims etc.
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