Clinical trials are run all over the world on a daily basis. As a part of delivering quality health and medical products to consumers, research has become a necessary part of making sure products that arrive on the shelf are safe and actually work. Their importance to our daily lives is that when the trials culminate in a discovery or an innovation our lives are enriched.
Because clinical trials usually involve humans, clinical trial insurance is one of the best ways to make sure participants, the study, and the governing organisation are covered. This insurance typically covers issues that arise related to injury or medical malpractice and then issues related to errors or omissions. In any case, medical professionals that take part in clinical research trials can reduce their liability by taking out this type of insurance.
Let’s take a closer look at some of the reasons why liability insurance is a necessary part of clinical research.
Can Provide Options
When it comes to purchasing liability insurance, that researchers have a few options. Of the many types of insurance, there is general liability insurance, which protects researchers from claims related to personal injury because of negligence or omission. Then, there is professional indemnity insurance, which protects the insured against breach of duty and negligence.
Public liability insurance protects the insured against accidents or injuries that come from business activities or accidental damage to property owned by someone else. Finally, there is no-fault insurance which compensates the injured without requiring proof of fault or negligence. Depending on your organisation’s need or the purpose of the trial, you could essentially create a plan that protects the interest of the organisation.
Protect And Relieve Sponsors
Most research is funded privately, through a research institution, or through a government organisation. When funded privately or through a research institution, the funds come from investors or donors who contribute through philanthropy. While this insurance does not directly protect sponsors from liability, it does protect the participating organisations against claims against injuries that occur during the research trials.
More significantly, having insurance can alleviate some of the worries that go along with performing trials, which all have risk. Sponsors who might be skittish about donating to particular organisations who perform trials are protected by the backlash that might arise from an accident. Ultimately, when participants are insured, the insurance can remunerate participants privately in case of injury while reducing the chance of a lawsuit and bad press for sponsors.
Ethically speaking, researchers have a responsibility to protect those who participate in their research trials. Clinical trials can run the gamut from participants taking drugs to them using equipment, all of which carries risk. An insurance policy that adequately compensates participants in case of injury related to the trial can be an ethically sound way to engage in clinical research.
Protect The Site Organisation
Finally, clinical trial insurance protects the site against a lawsuit in case of injury as a result of the study. After lawsuit and other legal fees have been paid, an organisation can be left virtually bankrupt. In many cases, the few dollars health organisations shell out in premiums is much less than the amount they stand to lose in case a participant is injured and files a lawsuit against the institution.
Protection From Liability
Clinical trial insurance is one of the better ways to protect participants, the organisation, and any sponsors from the backlash that happens after an accident occurs. This is a litigious world, and an insurance policy that provides your organisation with a range of coverage can reduce the risk of a lawsuit. Ethically, a good policy can protect the participants who volunteer their time to help your research.