As a telehealth provider, you provide a valuable service to your customers.
Lots of 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 that you or your team of medical professionals are dealing with physical and/or mental health, mistakes can have deadly consequences.
You can protect your bottom line with the help of a solid coverage for telehealth insurance policy.
Here are 3 Insurance Options that Telehealth Companies Should Consider
1. Cyber Liability Insurance
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.
2. Professional/Medical Malpractice Liability Insurance Coverage
Many of the same medical malpractice concerns that apply to traditional healthcare providers also apply to virtual healthcare providers.
If one of your medical professionals makes a mistake or overlooks an important detail, this could lead to complicating matters and in some instances that patient could decide to sue the medical professional and your company as the provider of the telehelth 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.
3. Tech Errors and Omissions Liability
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 key part of giving your customers the option of accessing medical care at their convenience with ease of communication, coding errors and site malfunctions can literally 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.
If a technology-related problem prevents your company from providing telehealth services and virtual care to your customers as advertised, tech errors and omissions liability coverage can help you protect your bottom line.
Do You Need Telehealth Insurance Coverage?
Telehealth insurance helps professionals in the health industry protect their practice from third-party claims, liability, and litigation when providing online services.
The ongoing demand for telehealth services, either because of COVID-19 reasons or because of needing accessible healthcare, has made telehealth a beneficial operation model for medical professionals.
However, as with anything that operates online, there are increased risks that in-person consultations may not face.
If you are someone who provides telehealth services in any capacity, telehealth insurance is important. Some of the medical professionals that may need to consider telehealth insurance include:
- Mental health service providers that provide online sessions.
- Doctors that use telehealth to prescribe and refill prescriptions easily and quickly.
- Health and wellness instructors, that provide coaching and/or online lessons/services
- Health service providers that conduct online patient consultations.
- mHealth providers that monitor patient health using wearable technology, health devices, etc.
Even if you don’t specialize in providing telehealth services or don’t use online methods to deliver medical care on a regular basis, telehealth insurance can provide coverage for losses or damages that occur when giving any type of medical advice using an online method.
Are Telemedicine Devices Covered in a Malpractice Insurance Policy?
Malpractice insurance is a type of errors & omissions insurance that provides coverage for medical and healthcare professionals from liability and third-party claims filed against them by a patient or someone else because of negligent acts or mistakes that causes an injury.
Malpractice insurance is essential for telemedicine professionals. Possible coverage options under a telemedicine malpractice insurance policy include:
- Bodily harm caused while using a digital health product or service.
- Error or failure in the functioning of the telemedicine device.
- Cyberattack leading to errors, malfunctions, or ransomware in the telemedicine device.
- Installations, repairs, and upgrades made to the telemedicine device that delays service.
Your telemedicine malpractice insurance will cover costs of losses, reimbursements, and more for the above damages.
How to Make Sure You Have the Right Coverage When Moving to a Telehealth Service?
Ensuring you have the right coverage is important. It’s not easy to determine what the right insurance coverage for you looks like.
Every field in the healthcare industry is different. A yoga instructor will not face the same risks as a mental health service provider. You should conduct thorough research of the different policies available and discuss with your insurance provider the different risks you might encounter in your line of work.
You can typically expect telehealth insurance to provide:
- Professional liability insurance
- Cyber liability insurance
- Product liability insurance
- Commercial general liability insurance
Whichever telehealth insurance policy package you purchase, you should always ensure it can protect your practice when the unexpected happens.
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 the unique needs and concerns of your business while helping you put together a comprehensive insurance package.
Contact us to get a FREE telehealth insurance quote today.
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