As a telehealth provider, you provide a valuable service to your customers. Many people have days where they feel under the weather, and in 2011, more than 12.9% of Canadians reported having multiple chronic conditions. But finding the time to see a doctor isn’t always easy. And that becomes even more true for patients who live in rural and remote communities without rural health clinics readily available.
In your line of work, you’re making medical care more accessible to people across the country. But any time you or your team of medical professionals are dealing with physical or mental health, mistakes can have deadly consequences. You can protect your bottom line with the help of solid coverage for a telehealth insurance policy.
What is telehealth insurance?
Telehealth insurance is a type of insurance designed for doctors and other health practitioners that provide online consulting services. These health practitioners can range from mental health service providers, yoga and pilates instructors, personal trainers, wearable technology and device providers, nutritionists, dietitians, physicians, and more.
Telehealth services always pose certain degrees of risk for both healthcare practitioners and patients. Differences in consulting, regulations, data storage, use of technology, and patient care can result in liability claims or lawsuits. Telehealth insurance helps mitigate some financial risks associated with lawsuits and claims arising from medical and wellness services.
How much is the cost of telehealth insurance?
It depends on the type of coverage you have and how much coverage you have. A robust, comprehensive insurance policy will be more expensive than a basic package. On average, businesses can expect to pay around $1000 each year in insurance premiums. Of course, this number varies based on factors like how big your telehealth business is.
Other factors that might impact telehealth insurance costs include:
- Number of employees
- The services you provide
- Business location
- Value and amount of equipment owned
- Annual and projected revenue
- Years of experience
- Historical insurance data
- Your deductible
What does telehealth insurance cover?
Telehealth insurance covers a range of risks that your business might face during daily operations. Specific coverage depends on the type of insurance you purchase.
Professional liability is one of the essential coverages your telehealth insurance policy offers. All healthcare practitioners provide highly specialized and sensitive advice to their patients. If you’re accused of negligence, errors, misconduct, omissions, or failure to deliver a service as promised, professional liability insurance protects you against legal fees, court costs, and injuries.
Cyber liability insurance is the most crucial insurance coverage since you rely solely on technology to store patient information and conduct consultations. It protects you against data breaches, loss of information, credit monitoring, crisis management, and notification costs.
Product liability insurance covers claims arising because of third-party damages or injuries arising from wearable technology, medical devices, and medicine you prescribe.
Here are 3 Insurance Options that Telehealth Companies Should Consider
Because you’re a telehealth provider, customers are more than likely ordering, managing, and delivering your services online via telehealth visits. And considering the premium that patients will often place on their medical privacy, a security breach is the last thing you want to be contending with as a company.
In many cases, data breaches aren’t necessarily the work of professional hackers. A disgruntled employee could run an unauthorized inquiry on a patient, or someone could steal your company computers.
Cyber liability coverage can save telehealth companies and businesses that offer healthcare advice over the phone a lot of grief.
Many of the same medical malpractice concerns that apply to traditional healthcare providers also apply to virtual healthcare providers.
Suppose one of your medical professionals makes a mistake or overlooks a critical detail. In that case, this could complicate matters. In some instances, the patient could decide to sue the medical professional and your company as the provider of the telehealth services. For telehealth providers, who often aren’t the customer’s primary doctor, the risk of proposing the wrong treatment plan is particularly acute.
Sometimes referred to as errors and omissions, insurance/medical malpractice/professional liability coverage for telehealth companies can cover any questions about mistakes or allegations of negligence in treatment.
Many virtual health care services use an app, wearable technology, or a web-based platform in addition to phone calls to set up a telehealth appointment and deliver their services. While telehealth access is a vital part of giving your customers the option of accessing medical care at their convenience with ease of communication, coding errors and site malfunctions can cost customers money.
Perhaps your app has a loading error that tells patients they haven’t paid for their appointment when they have. Or maybe a mistake in the listed medication amounts causes a customer to overpay for their prescription.
Suppose a technology-related problem prevents your company from providing telehealth services and virtual care to your customers as advertised. In that case, tech errors and omissions liability coverage can help you protect your bottom line.
Here’s Why You Should Work With an Experienced Broker for Your Telehealth Insurance Needs
As a company that operates in the telehealth space, you already know how important it is to work with qualified professionals from a reputable insurance company. You don’t want to choose an insurance policy that leaves you and your health professionals exposed to liability or otherwise paying more than you need to be when providing telehealth for patients.
Your ALIGNED professional is your go-to insurance provider and will work tirelessly to ensure that you get the coverage that you deserve. We understand the insurance needs of health care providers, and our brokers will assess your business’s unique needs and concerns while helping you put together a comprehensive insurance package.
Find the Right Telehealth Insurance Coverage from ALIGNED
ALIGNED works with Canada’s top insurance companies to provide custom insurance packages at affordable prices. Click Here To Get A Quote or contact one of our business insurance experts for information or with any questions you may have.