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Virtual Care & Telemedicine Insurance

Virtual Care and Telemedicine Insurance is coverage for any tech-enabled healthcare company, providing access to high-quality medical expertise, patient monitoring, and information sharing. It covers medical malpractice, professional indemnity, tech and media liability, products liability, and cyber liability.

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Who is Virtual Care & Telemedicine Insurance for?

Although Virtual Care and Telemedicine aren’t anything new, our society relies on them more now than ever before. Several company types fall in the category of Virtual Care and Telemedicine. The following are a handful of companies that benefit from having adequate insurance coverage:

Real-time or live telemedicine

Real-time or live telemedicine makes doctor-patient visits effortless, no matter the geographic location.

Specialist and primary caregiver consultation

Patients can connect online to consult with various healthcare providers.

Remote patient monitoring

With the support of remote patient monitoring, patients are always under the watchful eye of a healthcare provider.

Store-and-forward practices

Also known as “asynchronous telemedicine,” it allows healthcare providers to share a patient’s medical information, such as reports or records, with other off-site physicians.

Medical Imaging

In digital health, medical imaging, such as x-rays, help healthcare providers diagnose and treat patients.

Telemedicine networking

Connecting specialists and various healthcare providers to one another for industry communication and treatment collaboration.

Why you need Virtual Care & Telemedicine Insurance

Summary

With a growing demand for the medical industry to deliver more accessible healthcare, Virtual Care & Telemedicine Companies offer innovative online solutions. Although new technology-enabled healthcare comes with a slew of benefits, it also has a unique set of risks.

Nearly 31% of healthcare organizations use video-based telemedicine, and 34% offer remote patient monitoring. It’s no surprise that most Americans depend on some technology-enabled healthcare — especially now, with a worldwide health crisis changing healthcare as we know it.

 

Reasons for getting Virtual Care & Telemedicine Insurance
file copyright tm Provides cybersecurity protection against online attacks
shield check Offers professional indemnity
legal Protects against tech and media liability
Patient privacy

Aside from the skyrocketing cost of a data breach — averaging $4 million worldwide — Virtual Care & Telemedicine Companies must safeguard their patients’ vital information. Consider that one cyberattack could cost nearly $1 million as well as hundreds of patient files compromised. Insurance protects companies from financial damages by diligently upholding cybersecurity.

Ongoing momentum

Many people with diverse needs depend on Virtual Care & Telemedicine Companies for their mental and physical wellness. Longevity in this industry is undoubtedly a primary goal. Legal holdups, reputational harm, or property damage could delay momentum significantly, causing patients to lose out on essential healthcare. Insurance products help companies maintain their rapid pace forward.

Accessible healthcare

Individuals worldwide rely on technology to connect with high-quality medical experts. That said, it’s tough to provide adequate access to healthcare to some people. Rural or remote patients or those with debilitating mental conditions deserve the same care as everyone else. Virtual Care & Telemedicine can make that happen — and insurance helps bring the dream to life by providing a viable safety net for various exposures.

What Does Virtual Care & Telemedicine Insurance Cover

Virtual Care & Telemedicine Insurance covers several main areas, including:

Medical Malpractice

This product covers bodily injury or property damage to a patient caused by an accident; patient bodily injury due to a cyber incident, an error or omission or Good Samaritan act, or a negligent act.

Professional Indemnity

It includes overage for any error or omissions, actual or alleged act, or unintentional breach of contract professional services’ performance.

Tech liability

Provides coverage for software infringement claims relating to tech products and negligence acts, errors and omissions, misstatements, or unintentional breach of contract if a tech product fails to perform as intended.

Media liability

This product covers libel, slander, defamation, product disparagement, trade libel, and infringement (i.e., domain name, copyright, service name, logo, title, trademark, etc.).

Product liability

If a customer files a lawsuit against your company, claiming that one of the products you sold or manufactured caused an injury or property damage, product liability insurance safeguards you from the legal costs of the case.

Virtual Care & Telemedicine Insurance Claim Examples

Here are some claim examples that illustrate what Virtual Care & Telemedicine Insurance covers

Perhaps a kiosk in a pharmacy or local shopping center misreads a patient’s weight. Because of this malfunction, a healthcare practitioner prescribes the wrong medicine dosage. Plenty of outcomes could happen, such as worsening symptoms or even an overdose. Unfortunately, the mistake all stems back to the accuracy of the kiosk’s technology — which failed.

Suppose there is a service disruption to a medical technology company, impeding the app monitoring a patient’s blood sugar levels. When the app fails to notify the patient of dropping blood sugar levels, they might face a severe medical emergency (i.e., hypoglycemic shock or coma).

A cybercriminal could easily hack a patient’s medical device, allowing entrance into the entire company’s network.

What if a psychotherapist provides online treatment for a patient with chronic depression. The therapist misunderstood the severity of the patient’s state and didn’t realize the treatment wasn’t sufficient for that specific moment. The worst-case scenario is that the patient attempts suicide shortly after the therapy session.

Another real-life claim scenario is for an after-hours nurse to misunderstand a patient’s condition, resulting in an ER visit on the patient’s part. Communicating via the phone or video chat is convenient, but it’s not always flawless. These risks are what virtual care and tele-health companies face every day.

 

Virtual Care & Telemedicine Insurance FAQs

The cost of insurance premiums depend on many factors, such as industry, location, size, developmental state, etc.

How it works

Finding insurance coverage doesn’t have to be painful. We aim to make the purchasing experience as streamlined & intuitive as possible.

1
Get a quote

Use our custom built online portal to get quotes fast. We automate clerical tasks that plague the traditional insurance brokerages, giving us more time to be responsive and alert to your company’s needs.

1
Get a quote

Use our custom built online portal to get quotes fast. We automate clerical tasks that plague the traditional insurance brokerages, giving us more time to be responsive and alert to your company’s needs.

2
Pair with a specialist

No two organizations are the same. Our team of coverage experts partners with your team to engineer your risk management strategy, together. We take the time to understand the intricacies of your company to get you the best possible coverage.

2
Pair with a specialist

No two organizations are the same. Our team of coverage experts partners with your team to engineer your risk management strategy, together. We take the time to understand the intricacies of your company to get you the best possible coverage.

3
Stay one step ahead

To do better, you need to know better. With changing political, technological, legal and economic landscapes, staying ahead of the curve is critical.

Our in-house team is tapped into the latest developments of your industry, proactively ensuring you’re covered.

3
Stay one step ahead

To do better, you need to know better. With changing political, technological, legal and economic landscapes, staying ahead of the curve is critical.

Our in-house team is tapped into the latest developments of your industry, proactively ensuring you’re covered.

Latest Virtual Care & Telemedicine Insurance Insights

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Insurance Guide for Virtual Care & Tele-Heath Companies

Thanks to ongoing innovation, virtual care and tele-health companies are making waves. Here's a look at helpful risk-management strategies.

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