New Mexico's medical device companies are essential to the global healthcare industry, providing life-saving solutions and creating jobs in the state's economy. Unfortunately, they face significant risks and liabilities that must be addressed to ensure their long-term success. Understanding the different insurance options available to your medical device company is the first step to protecting your assets, reputation, and the future of your business.

We're Dedicated to Helping New Mexico Medical Device Companies Navigate Insurance Complexities

As our name, Elemental Risk Management (ERM) suggests, we are a trusted medical device insurance agency in New Mexico. Our knowledgeable team of medical device insurance brokers is dedicated to helping companies identify the best coverage to protect their business operations and comply with state regulations.

We offer comprehensive packages that address any potential risks in the manufacturing, marketing, and distribution of medical devices — from product liability coverage to cyber liability insurance.

Thanks to our wide network of A++-rated insurance carriers, we provide medical device companies in New Mexico with tailored solutions that fit their needs and budgets. Fill out our online form or call us to receive a personalized insurance quote today.

Product Liability Insurance for New Mexico Medical Device Companies

Product liability insurance is a crucial type of coverage for businesses that manufacture, distribute, or sell products, including medical devices. Here's why product liability insurance is important for medical device companies in New Mexico:

Legal Requirements: In some cases, New Mexico may require medical device companies to have product liability insurance to operate legally. This insurance can help cover legal fees and settlements if a claim is made against the company.
Financial Protection: Product liability claims can result in significant financial losses for medical device companies. These claims may involve costly legal fees, settlements, or judgments. Product liability insurance provides financial protection by covering these expenses, ensuring the company's continued operation.
Reputation Management: A product liability claim can damage a company's reputation, leading to lost business and reduced trust among customers. Having product liability insurance can demonstrate the company's commitment to safety and quality, helping maintain its reputation in the industry.
Risk Mitigation: Medical devices are subject to strict regulations and rigorous testing to ensure their safety and effectiveness. Despite these precautions, errors and defects can still occur. Product liability insurance helps mitigate this risk by providing coverage for potential claims.
Legal defense costs: The insurance covers the cost of hiring attorneys and defending against a claim, even if the claim is groundless.
Settlements and judgments: If a claim is settled or a judgment is awarded to the claimant, the insurance will cover the agreed-upon amount or court-ordered payment.
Medical expenses: If a claimant requires medical treatment due to the use of a medical device, the insurance may cover these expenses.
Lost wages: If a claimant misses work due to using a medical device, they may be eligible for lost wage compensation from their product liability policy.

Product liability insurance is essential for New Mexico medical device companies to protect themselves from potential financial losses due to claims related to their products.

Property Insurance for New Mexico Medical Device Companies

Commercial property insurance for New Mexico medical device companies is a specialized type of commercial insurance designed to protect the assets, equipment, and property owned by businesses in the medical device industry. It helps safeguard against financial loss resulting from unforeseen events such as natural disasters, theft, vandalism, or accidents that can damage or destroy company property.

Property coverage typically includes:

Building and property coverage: The physical structure of the business premises, including owned or leased buildings, warehouses, and manufacturing facilities, is covered.
Business personal property (BPP) coverage: The company's tangible assets, such as office furniture, computers, machinery, raw materials, and finished products, are protected.
Business interruption coverage: Lost income and operating expenses are covered if a covered event forces the company to temporarily suspend operations.
Equipment breakdown coverage: The repair or replacement of essential equipment, such as medical devices, diagnostic tools, or manufacturing machinery, is covered in the event of a mechanical or electrical breakdown.
Product liability coverage: Protection against claims related to product defects or malfunctions that cause injury or harm to customers or patients using the medical devices is provided.
Inland marine coverage: The transportation of goods and equipment is covered, protecting against potential damage or loss during transit.

Some property insurance coverages exclude certain perils such as floods, earthquakes, or nuclear accidents. New Mexico medical device companies should review their policies to ensure they have the coverage needed to protect against all potential risks in their operations.

Liability Insurance for New Mexico Medical Device Companies

Medical device companies in New Mexico, as in any other state, face significant risks and liabilities in the development, manufacture, and distribution of their products. To protect themselves from potential financial losses, these companies need to have appropriate liability insurance coverage in place.

There are several types of liability insurance policies that medical device companies should consider:

General Liability Insurance: This policy covers basic business risks such as bodily injury, property damage, and personal injury claims arising from your business operations.
Professional Liability Insurance (Errors & Omissions): This policy covers claims of negligence, errors, or omissions in the services provided by your company, such as consulting or design work. It can help pay for legal defense costs, settlements, and judgments.
Directors & Officers Liability Insurance: This policy covers claims related to the decisions made by directors and officers of your company. It helps protect against personal liability for those individuals, as well as providing financial protection for the medical device company itself.

You can combine several of these policies into a comprehensive liability insurance package that can help protect your business against potential claims and lawsuits. It’s important to discuss your specific needs with an insurance professional to determine the best coverage for your medical device company. With the right policy in place, you can rest assured that if something happens, you’ll be able to cover any associated costs.

Cyber Liability Insurance for Medical Device Companies

As technology continues to advance, medical device companies increasingly rely on digital solutions and interconnected systems to develop, manufacture, and distribute their products. This increased reliance on technology brings about new risks, particularly in the realm of cybersecurity.

Cyber liability insurance is specifically designed to cover the financial consequences of a data breach or cyberattack. This type of insurance can help medical device companies manage the costs associated with:

Legal fees and defense: In the event of a data breach, legal expenses and defense costs can quickly add up as companies may face lawsuits from affected patients, clients, or regulatory authorities.
Notification and credit monitoring: Companies are often required to notify affected individuals and provide credit monitoring services following a data breach, which can be costly and time-consuming.
Public relations and reputation management: A well-executed PR strategy can help mitigate the damage to a company's reputation after a cyber incident, but professional PR services can be expensive.
Regulatory fines and penalties: Medical device companies that experience a data breach may face significant fines and penalties from regulatory bodies such as the FDA or other government agencies.
Business interruption and loss of income: A cyberattack can disrupt business operations, leading to lost revenue and additional expenses to restore systems and data.

By investing in cyber liability insurance, your medical device company will be better equipped to manage the costs associated with a cyber incident.

Worker's Compensation Insurance for New Mexico Medical Device Companies

Medical device companies encounter distinct risks and challenges within their industry. These include exposure to hazardous materials, electrical hazards, mechanical failures, and product liability claims.

Worker's compensation insurance is a vital form of coverage that safeguards both employers and employees in the event of job-related injuries or illnesses. This insurance covers medical expenses, lost wages, disability benefits, and death benefits for workers who suffer harm or fall ill due to their occupation. In New Mexico, the majority of employers, including medical device companies, are mandated to carry worker's compensation insurance.

Commercial Auto Insurance

Your medical device company may also need to invest in commercial auto insurance if it uses vehicles for business purposes. This type of insurance covers both owned and non-owned vehicles, including cars, trucks, vans, and trailers. It can provide coverage for medical expenses, property damage, and liability. Depending on the policy, it may also cover rental vehicles and replace damaged items. Commercial auto insurance is mandatory in New Mexico and an important investment for any medical device business that owns or operates vehicles.

Compare New Mexico Medical Device Companies' Insurance Quotes

The skilled medical device insurance agents Elemental Risk Management (ERM) are waiting to help you compare your medical device company’s insurance quotes. We are a fully independent insurance agency, meaning that we have access to many of the top carriers in New Mexico. We’ll use our resources and expertise to help you find the most comprehensive coverage at the most competitive rates. Give us a call today to get started!

Request a Quote

Speak with a Medical Device Company Insurance specialist today!

Get started today!

If you are preparing to start a valet service at your business, be sure to consider safety issues, legal requirements, and additional coverage options so that you can find the best possible coverage for your budget and needs.

Prefer to speak with an agent now?