History of Protek
Twenty one years ago Protek was created when it was realized that the availability and cost of product liability insurance for the medical device services and sales industry was severely lacking and costly. Even for the smallest of companies the cost was five figures and above, the forms were restrictive and only a few insurance companies offered coverage's. Most medical device companies went without insurance. Exposing their assets and value to litigation in the hopes that it would never happen. Often enough it did.In 1990 a product was created that made this valuable insurance available and affordable for even the most modest sized organizations. Then by carefully selecting and underwriting each risk the program was made available to virtually all types of devices no matter what is sold or serviced. In addition a sophisticated system of rating was devised, recognizing the differences in exposure by device. Since then rates have reduced, coverage's have expanded and large data-base of claims history has been built.
Today, with more than 700 clients nationwide, premiums start at the low four figures. Then as companies grow they see their rates credited for claims experience and volume.
Now, Protek has expanded its resources and ability to serve its clients both domestically and internationally. Our expertise and experience in the medical device field has gained us underwriting and rating authority for one of the largest insurers in the world, Chartis. What this means is that, our ability to respond with a comprehensive and affordable proposal of coverage is enhanced ten-fold. It is not uncommon for us to be able to respond within 24 to72 hours to a coverage request. It is all done in-house.
We are the leader in providing insurance services to the medical device industry. We will continue to earn that recognition one client at a time. We will not forget where we came from 21 years ago.