E-business pioneer and entrepreneur Jim Zuffoletti has learned that the insurance needs of emerging businesses are often driven by clients' expectations.
"When you work with large companies, they expect your insurance coverage to be comparable to their own," says Zuffoletti, one of the founders of FreeMarkets Inc. and now president of OpenQ—a solutions provider for life-science companies. OpenQ's suite of tools allows pharmaceutical, biotech and medical-device companies to collaborate compliantly with customers, external consultants, researchers and other stakeholders.
OpenQ is contractually expected by some of these clients to cover $5 million of liability coverage. "It wasn't easy to find brokers," Zuffoletti says. "It took some doing and some creative work."
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