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A New Perk for UB Incubator and Spinoff Companies: Affordable Insurance

Release Date: August 30, 2012

BUFFALO, N.Y. -- The University at Buffalo is partnering with the Research Foundation for SUNY to offer a key benefit to startup companies with UB ties: affordable insurance.

Through the SUNY-INC Insure Insurance Program (SUNY-INC Insure), a new SUNY-wide program, certain UB-linked businesses will be able to buy discounted liability and workers compensation insurance from the insurer Amsure.

Qualifying companies include those located in the UB Technology Incubator in Amherst, N.Y. or the UB Biosciences Incubator in Downtown Buffalo; spinoffs formed to commercialize UB technology; and startups participating in a UB commercialization program, such as the UB Center for Advanced Biomedical and Bioengineering Technology's funding program.

Companies are eligible for the program for the first three years after formation.

"Small companies often have a limited budget for a large number of expenses, from patent costs to costs associated with research and development," said Robert Genco, the vice provost who heads UB's Office of Science, Technology Transfer and Economic Outreach (STOR). "The ability to purchase affordable insurance through SUNY-INC Insure will help new companies get off the ground."

SUNY-INC Insure will make it more attractive for new businesses to partner with SUNY campuses, said Jeffrey Dunbar, director of STOR.

Dunbar worked with the Research Foundation for SUNY to develop the program, and noted that insurance is critical for startups hoping to grow and expand. He pointed out, for instance, that it's difficult for companies to establish a board of directors without adequate directors and officers insurance.

SUNY-INC Insure includes options for purchasing general liability, product liability, directors and officers liability and statutory workers compensation insurance.

To learn more about SUNY-INC Insure, qualified UB partner companies can contact Kimberly Rohring, STOR business manager, at krohring@buffalo.edu.

About the Research Foundation for SUNY:

The Research Foundation exists to serve SUNY and to capitalize on the scope, scale and diversity of SUNY as an engine of New York State's innovation economy. The Research Foundation supports nearly $1 billion in SUNY research activity annually, providing sponsored programs administration and commercialization support services to SUNY faculty performing research in life sciences and medicine; engineering and nanotechnology; physical sciences and energy; social sciences and computer and information sciences.

For more information, visit http://www.rfsuny.org or follow the Research Foundation on Facebook at http://www.facebook.com/rfsuny.

Media Contact Information

Charlotte Hsu
Director of News Content, Architecture and Regional Planning, Sciences
Tel: 716-645-4655
chsu22@buffalo.edu
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