Medtech insurance in five simple steps

The medtech, healthtech and biotech industries are constantly developing.

With more medtechs getting NHS contracts and AI fast-tracking potential for companies in this space, credibility and reliability are continuously enhancing. Meanwhile, biotech firms lead the way with cutting-edge drug discovery breakthroughs, and medical device companies improve treatment courses with far more efficiency and affordability.

If you’re in the medtech, healthtech or biotech sector, you know how critical it is to have the right cover. The products and services you’re developing directly affect the health and well-being of people across the world.

With the advancement of digital health and telehealth platforms since the COVID-19 pandemic, healthcare is available to more and more people. Appointments are easier to keep track of, results can be accessed faster and diagnoses can be made more accurately.

In recent years, medtech, healthtech and biotech firms were insured through a generic broker with a speciality in life sciences or technology. But now some brokers purely focus on the medtech industry, and it makes sense to consider partnering with a broker that speaks your language.

So what happens when your current broker isn’t meeting your needs?

Switching insurance brokers might seem daunting and expensive, but it’s much simpler than you think — and more often than not, can save you money. Here’s how straightforward it can be with Superscript:

1. Have a conversation

Every company is different, and before you dive right in, it makes sense to have a chat with our medtech specialist team — Ella and Zara.

Ella has over four years of experience in insurance, working alongside some of the biggest names in the medtech and insurance world. And Zara has extensive knowledge of the healthcare system, having worked as a pharmacist in an Intensive Care Unit at a Children’s Hospital.

We appreciate that most medtechs already have good relationships with their broker and insurer, and often aren't in the market to change. You may not have even considered that you could change brokers. What’s more, do you know how your premium compares against similar companies? You could be significantly overpaying without even realising it.

It makes sense that you might want to hear from a team specialising in this space — negotiating policies and managing claims for companies like yours — directly.

As a first step, we invite you to jump on a call so we can introduce ourselves and let you put a face to a name. On this call, we’ll learn all about your firm, while giving practical guidance and advice if you need it.

For example, Ella and Zara have expertise in providing:

• insight on what insurance NHS contracts typically require
• advice on negotiating policy limit requirements
• benchmarking your premium
• professional opinions on your greatest exposures
• common claims seen in this space
• how to make sure you’ve got the right cover for your business
• any other risk or insurance-related questions you might have

It also helps us to hear first-hand more about your business so that we can best represent you to our insurers.

With our experience in this space, we can relay to our insurers whether you are diagnosing patients, supporting doctors with their workflow, improving systems or enhancing the patient's experience.

These all have very different risk profiles, and understanding where your business sits can really help our team negotiate more competitive terms.

2. Share your current policies

Before you sign on the dotted line, we’d usually recommend an insurance health check so we can get a full assessment of your current cover and obtain the right quotes for you.

To do a health check, we’ll need your current policies to review them. We’ll then give our feedback on:

• whether or not you’ve got the right cover
• any unexpected exclusions
• policies that you may not need
• your policy limits
• whether you're covered for the territories your business is operating in
• what’s going on with your insurance overall

We can also feedback on your current premium costs because it's often the case when you've used the same broker for years that you're overpaying in a now competitive market.

3. No obligation

We get it — commitments can be overwhelming. That’s why there’s no obligation when you start exploring your options with us.

Once we’ve done our insurance health check, we’ll arrange a call to share our feedback. You can take your time, ask questions, and see what we offer before making any decisions. It’s completely up to you.

If you decide to go ahead, we’ll ask you to sign a Letter of Authorisation (LOA) — a simple document that gives us permission to handle insurance matters on your behalf.

It allows us to communicate with your current insurer, get all your policy information and make decisions regarding your cover.

4. Discuss your options

If you've only just started a new policy, it’s no problem. We can still look at getting you a competitive quote and see if we can save you money.

Alternatively, if we find your policy has important exclusions during the health check, we can get you a quote for a new policy that considers this.

If you decide our policy is more fitting, you can cancel and replace your existing one. This is much easier than you might think.

You get a pro-rata return in premium from your current broker and we can get your new policy with us up and running the next day, so there's no gap in your cover.

If your renewal is coming up we can use the same forms as you provide to your incumbent broker to get you some competing quotes.

If — like so many of our clients — you have a bunch of different renewal dates, we can merge them all together and align all your policies to the same date, meaning you only need to go through the insurance renewal process once a year.

No longer having to fill out multiple laborious forms will save you a lot of time. Now that’s a relief.

5. Sit back and relax

After that, there’s nothing more you need to do. We’ll handle everything from reviewing your current coverage to ensuring your new policy fits like a glove.

When you switch to Superscript, you’re not just getting a generic broker — you’re coming to specialists with deep expertise in the medtech, healthtech and biotech sectors.

We understand the unique risks and challenges your business faces, so we can tailor your coverage to your specific needs.

So then you can focus on what you do best — innovating and growing your business — while we take care of the rest.

See, switching insurance brokers doesn’t have to be complicated. Get in touch today to get the process started.