Risk Evaluation Service. In a highly regulated industry, some medical technology and life sciences companies focus so much on FDA compliance that they neglect to identify potential products liability risks. Too often, companies do not learn of exposures until after claims are filed.
This service has been designed to identify potential losses before they occur. We can determine where you are most at risk and then recommend practical strategies that you can implement with minimal interruption to your business.
The Process.First, we perform a diagnostic analysis to identify the type and frequency of products liability incidents that are associated with the particular products you manufacture. Next we perform a gap analysis to determine the efficacy of your existing product safety management controls and where they can be enhanced. Finally, we provide you with a written summary of our findings and recommend strategies to correct any deficiencies that could otherwise lead to products liability losses.
Request an Evaluation. Companies should conduct risk evaluations as a routine risk management tool. Consider requesting an evaluation after you add or discontinue a product line or experience a period of growth. Risk evaluations can also be used to investigate a company targeted for acquisition or by a company just prior to divesture to demonstrate the integrity of its existing risk management program.
Contact your broker or our Risk Management Department to schedule an evaluation.