As the healthcare and technology continue to co-mingle, practitioners and companies operating in this digital health space will start experiencing a wider range of risks
While the traditional exposures of medmal, professional indemnity and general liability are still present, the integration of technology creates emerging risk yet the policy triggers in these insurance coverages have stayed eye-watering static despite the global rise of technology within healthcare.
So where does it fall short?
Technology E&O only covers losses from .... technology activities and they don't provide any form of bodily injury whether it's on a primary or contingent basis.
Cyber Insurers typically exclude .... professional indemnity and all forms of bodily injury.
Traditional bodily injury coverage triggers are out-dated and are no longer sufficient with the global rise of technology. Need more proof
- Healthcare Services
- Failure to adequately assess a patient and their systems via telemedicine could lead to an incorrect diagnosis and delayed treatment. Similarly if a patient is sending a picture of a physical issue (like a nasty rash or a worrisome mole) a distorted image could lead to incorrect diagnosis
- Technology Activities
- AI is now being used to more effectively triage patient conditions, most commonly diagnosing basic illnesses via a chatbot function ..... but (and it's a BIG but), the way in which a patient describes their symptoms can leave the chatbot confused or the patient undiagnosed.
- Cyber Attack
- A ransomware attack could deny access to systems and patient data (yes we all know about 'that' DHB). If a cyber attack cripples a telemedicine system or the electronic medical records database, patient records could be lost or patients could be prescribed the wrong medication leading to death.
- System Outage
- A failed update or computer system outage could affect remote patient monitoring functions. This could pose a risk to patient safety in the event of a medical emergency.
Products failing to perform
Wearable tech is a great way of supplying remote care to patients. E Health Insurance covers any tangible product that's been manufactured, altered, distributed or installed by a digital health company (including wearables and self monitoring healthcare devices).
Cyber and privacy
Not only does our market provide a separate section for extortion to address the growing threat of ransomware, it also extends to regulatory fines and penalties and include initial response services, with a nil deductible.
Intellectual Property Rights Infringement
IP cover is vital in protecting the value of any digital healthcare companies assets and brand. Infringement of IP rights (think copyright or trademark infringements or allegations as well as damages and settlements (even counterclaims, which can be costly)
If you're a digital health business or healthcare provider adopting technology as part of day-to-day patient care then eHealth is for you!
If you find yourself on the list below, we'd love to hear from you.
- Artificial Intelligence
- Machine Learning/Decision Tree
- Chronic Care Management
- eHealth Research
- mHealth apps
- Fitness Apps
- Health and Wellness Apps
- Dermatology Apps
- Online Education Platforms
- Remote Medical Imaging
- Remote Patient Monitoring Tools
- Blood Pressure
- Heart Rate
- Telemedicine Platforms and Providers
- Virtual Reality
Want to know how much Digital Health Insurance will cost?
Cool, let us help you with that. Fill in the application form and fire it back to us at will.
Want to read the fine print
Well, actually, we recommend that you do.