COVID-19 has accelerated the shift to digital health and wellness provision. Practitioners, businesses and individuals are rapidly accepting that technology plays a valuable role in managing all kinds of interaction – from health and wellness sessions through to remote medical assessment and diagnosis, advice, monitoring and referrals.
But while the ability of technology to support interactions is driving both improved take-up of services and greater efficiency, the rapid adoption of new business models has also created a web of complex and interconnected risks and challenges. These are not just around diagnosis, treatment and care, but also technology, data privacy and regulatory compliance.
From an insurance perspective, it can be hard to connect the dots between the multiple lines of coverage that digital health businesses require and the carriers that provide them. The pitfalls of this situation are clear – patchwork solutions can lead to gaps in cover and make claims handling, coordination and renewals very complex.
Pillars of cover. Reflecting the particular needs of those operating in this space, Beazley Virtual Care has four core pillars of cover:
- Medical malpractice & professional indemnity
- Tech services, tech products & media liability
- Cyber liability & breach response
- Public and products liability.
Plus a number of optional extensions including:
- Mitigation costs, abuse and harassment liability, medical regulatory costs
- Claims due to loss of documents, reputational damage costs.
Four pillars of cover
Medical Malpractice & Professional Indemnity
- Medical malpractice coverage is at the heart of Beazley Virtual Care and is included as standard for all customers
- Our medical malpractice coverage includes cover for:
- bodily injury to any patient caused by a negligent act, error or omission or Good Samaritan act
- bodily injury or property damage to any patient caused by an accident
- bodily injury to a patient caused by a cyber-incident
- Full professional indemnity coverage can also be provided for any actual or alleged act, error or omissions or unintentional breach of contract in the performance of professional services
- Optional extras include mitigation costs cover (costs incurred by you in taking action to mitigate the financial consequences of a medical malpractice claim), cover for any financial loss caused by an act of harassment and cover for the costs of responding to an investigation by a medical regulatory authority.
Tech services, tech products & media liability
Tech and media cover for any tech products such as computer or telecommunications hardware or software products or related electronic products.
The tech services, tech products and media liability coverage includes:
- Negligent acts, errors, omissions, misstatements, misleading statement, misrepresentation, unintentional breach of contract in respect of the performance of tech services
- Any software copyright infringement with respect to any tech products
- Negligent acts, errors, omissions, misstatements, misleading statement, misrepresentation and any unintentional breach of contract if any tech product should fail to perform the function as intended
- Media liability coverage includes cover for defamation, libel, slander, product disparagement, trade libel, infringement of copyright and infringement of domain name, trademark, trade name, trade dress, logo, title, metatag or slogan, service mark or service name.
Cyber liability & breach response
Beazley Virtual Care provides coverage for costs to protect against a broad range of cyber threats including:
- Business interruption and dependent business interruption from security breach or system failure
- Cyber extortion loss, data recovery loss, data and network liability.
And in the event of an incident, the policy will cover breach response costs for:
- Legal and computer forensic services
- Notifications and call centre services
- Credit monitoring, identity monitoring or other personal fraud or loss prevention solutions
- Public relations and crisis management expenses.
Third party includes third-party information security and privacy, full media liability, regulatory defence and penalties and payment card liability and costs.
eCrime (fraudulent instruction, funds transfer and telephone fraud)
Public & products liability
- Beazley Virtual Care provides full public liability coverage for any accidents which cause bodily injury and property damage
- Full products liability claims made coverage for property damage and bodily injury caused by your products, including tech products, wearable devices and self-monitoring healthcare devices.
Who we can insure
Telehealth/telemedicine – medical providers (doctors, psychiatrists, psychologists, NPs/PAs, therapists, RNs; hospitals and other medical facilities; dentists and many other ancillary providers) that use technology to deliver virtual health consultations, including diagnosis, and treatment and care recommendations and pharmacy fulfilment
mHealth providers – technology companies focusing on wearables, apps and mobile technology to provide access to healthcare support and monitoring
Med tech – platforms, analytics, and software developers that make digital health possible
Lifestyle & wellness – individuals and businesses supporting lifestyle and wellness choices in a variety of spheres including exercise, diet, emotional, physical and mental wellbeing
Life science – telemedicine and telehealth companies providing remote monitoring of clinical trials, products or testing procedures.
Virtual Care Insurance team
Underwriter - Miscellaneous Medical & Life Sciences
Assistant Underwriter - Asia, Financial Lines