Product Liability Insurance for Medical Devices
Protect Your Business With Medical Equipment Insurance Today
Top-Rated Insurance For Medical Devices & Equipment
It’s critical to insure your devices and equipment against the risks they carry due to rapid advancements in medical technology. Insurance Canopy has the medical device liability insurance to do just that. For more than a decade we have helped thousands of businesses gain access to unique product liability insurance policies—and we can help you, too.
Whether you manufacture, import, or sell medical equipment, our medical device insurance can help you defend lengthy lawsuits and pay for costly claims. Tailor your coverage to your specific needs and start placing your product into more medical facilities with Insurance Canopy.
Online Application
Easily submit an application online in 10 minutes or less.
Customizable Coverage
Tailor your plan with additional coverage options and policy limits.
Quick Turnaround
Get a free quote from an experienced agent within 24–48 hours.
What Is Product Liability Insurance For Medical Devices?
Product liability insurance for medical devices is designed to help your business pay for third-party claims of bodily harm or property damage. If someone is injured by a defective blood pressure cuff, or an exam light malfunctions and sparks a fire, then you could be held liable.
Insurance Canopy’s policy includes general and product liability insurance. Additionally, we offer coverage for:
- Inland Marine
- Product Recall
- Hired/Non Owned Auto
- Cyber Liability
- Additional Insureds
- Occurrence Limits
We cannot insure implants or critical care equipment, walking aids, sports safety gear, products that require a prescription, contain human stem cells, are intended to be injected, contain illegal drugs, or contain more than 0.3% THC. Please see a full list of exclusions in our insurance application.
What Medical Device Products Are Covered Under Product Liability?
At Insurance Canopy, we can cover a variety of expendable medical devices, such as:
- Hospital equipment
- Surgical tools
- Dental equipment
- Medical examination tools
- Medical clothing and textiles
- Testing machinery
We cannot insure implants or critical care equipment, walking aids, sports safety gear, products that require a prescription, contain human stem cells, are intended to be injected, contain illegal drugs, or contain more than 0.3% THC. Please see a full list of exclusions in our insurance application.
How Much Does Product Liability Insurance for Medical Equipment Cost?
Typically, policy premiums start around $2,298 per year for medical equipment insurance. Your premium can vary based on different factors, such as:
- Business industry
- Annual gross sales
- Product type
- Limits required
- Additional coverages
- Claims history
To get a more accurate estimate of your policy costs, you can apply for a free insurance quote today.
Coverage Details
Limits of Liability
$2,000,000*
$2,000,000*
The amount that your policy will pay for claims arising out of one or more of the following offenses:
– False Arrest, detention or imprisonment
– Malicious prosecution
– Wrongful Eviction or Wrongful Entry
– Oral or written publications that slander or libels a person or organization
– Oral or written publication or material that violates a person’s right of privacy
– The use of another’s advertising idea in your advertisement
$1,000,000
The maximum amount paid per claim during the term of the policy.
$1,000,000*
Applies to damage by fire to premises rented to the insured and to damage regardless of cause to premises (including contents) occupied by the insured for 7 days or less.
$300,000
$5,000
$2,500
Want a free insurance quote?
Questions About Product Liability Insurance For Medical Devices
Yes! Just one claim could be financially damaging and you’d be glad you were insured. Plus, most contracts require you to have insurance for your products.
Lawsuits in the medical field are often the most expensive to battle. Without insurance, you could find yourself paying hundreds of thousands of dollars in medical bills, legal fees, repairs, lost wages, recalls, funeral expenses, and more. You also suffer damage to your reputation, leading to the possible loss of business partnerships and a drop in sales.
Start safeguarding your business with Insurance Canopy.
In most cases, no. Products meant to be implanted and stay in the body are not covered. This can include medical devices such as pacemakers, in vitro treatments, and large bodily replacements.
However, some devices can be covered. If the product is not implanted, and does not need to be used by an individual for everyday functions, we may be able to insure you. For example, small prosthetics.
A defective medical device is any medical product or equipment that is unusable or dangerous to patients and those operating the device. These defects are typically caused by manufacturing errors, poor design, faulty manufacturing supplies or ingredients, and failure to warn or label devices.
Product Liability for Medical Devices
Medical Devices Product Liability
Medical Devices Save Lives- and Product Liability Insurance saves businesses Keep your business safe with coverage from top rated providers.
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