Insurance for Testing Laboratories

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What Insurance Do Testing Laboratories Need?

Errors & Omission (E&O)

Errors & Omission Insurance (E&O), is a type of professional liability insurance. It protects you from being legal claims that you made a mistake when offering your services. E&O covers your defense fees & settlement costs.

General Liability

General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.

Pollution Liability

Pollution Liability Insurance, also called Environmental Insurance, protects businesses against unanticipated pollution risks that aren't covered by regular casualty and property policies.

Inland Marine

Covers your products, materials and equipment that are transported over land (truck or train), or while they're in a warehouse. If involved in a collision, mishandling or cargo theft, Inland Marine Insurance covers the transported goods.

Workers Compensation

Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!

Commercial Property

Commercial Property Insurance will provide coverage for your properties in case damage renders them impossible to rent or lease.

Frequently Asked Questions

Why do Testing Laboratories need insurance?

These laboratories provide different kinds of testing services. Examples include calibration and certification testing, electrical testing, environmental testing, fire insurance underwriter laboratories, food testing laboratories, forensic laboratories, geotechnical testing, hydrostatic testing, and industrial testing laboratories. This industry does not include medical and veterinary testing.

Testing laboratories offer a broad range of testing services including food, electrical, and environmental, calibration and more. No matter your unique testing service, insurance is one of your most important responsibilities. Make sure you buy the right insurance to protect your testing laboratory from severe risks faced daily.

What risks do Testing Laboratories face daily?

  • Testing Mistakes: You thoroughly test customer products and services. An important testing step can be missed. If you fail to catch a quality issue or made the wrong recommendation, you can be financially responsible for an adverse outcome.
  • Hazardous Waste Spills: Laboratories can test hazardous materials like chemicals or pollutants that require special handling. If they spill, you face government fines, proper cleanup and repairing any damages.
  • Employee Injury or sickness: Employees carry out daily testing of food, chemicals, and other products. If they have an allergic reaction or injure themselves, you are responsible for medical expenses and lost income.
  • Explosions: If you handle explosive materials in your testing laboratory, there is a risk of explosion and fire that can destroy your property.
  • Damage to Others' Property: Today, many testing laboratories provide onsite testing. If your employees or testing cause damage to customer property, replacing or repairing is expensive.

This list is not complete. Many testing laboratories also risk auto accidents, employment claims, and others depending on what testing services you provide. Buying insurance is too important to skip. It is the only way to completely protect your business assets and reputation.

How much does insurance for Testing Laboratories cost?

Insurance cost is different for every testing laboratory depending on your specific services and the carrier you choose. Carriers look at your experience, past claims and how risky your testing industry is to calculate costs. Request a free insurance quote today by completing the form below.

Are You Ready to Get Covered?

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