Why do you need Virtual Care/Telemedicine Insurance?

With a growing demand for the medical industry to deliver more accessible healthcare, Virtual Care and 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.

Patient Privacy

Aside from the skyrocketing cost of a data breach — averaging $4 million worldwide — Virtual Care and 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 and 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 and Telemedicine can make that happen — and insurance helps bring the dream to life by providing a viable safety net for various exposures.

What is 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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What does Virtual Care/Telemedicine insurance cover?

Virtual Care and 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.)
Products 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.
Cyber Liability
This coverage protects your organization from lawsuits, fines, and penalties arising from a hacking attack or data breach. It can also reimburse the company for its direct expenses, such as breach notification costs, credit monitoring, data restoration, and forensic analysis.

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Who needs Virtual Care/Telemedicin insurance?

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

Remote patient monitoring

Medical imaging

Specialist and primary caregiver consultation

Store-and-forward practices

Telemedicine networking

Happy clients

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