In the past few years, there has been a drastic increase in the amount of physicians offering
telemedicine services. This increase brings a whole new set of challenges to finding insurance.
Since telemedicine is a newer industry, it can be more challenging to find insurance and figure
out what insurance policies you may need to purchase. It is important to work with an insurance
agent/broker who has experience working with healthcare professionals offering telemedicine.
An experienced insurance agent/broker knows the unique challenges that come with insuring
telemedicine risks and knows which insurance companies can offer coverage tailored to
telemedicine at the most competitive rates.

 

What type of insurance do I need for my Telemedicine practice?

 

– Professional Liability aka Medical Malpractice: It is extremely important to have a
professional liability insurance policy in force while you are practicing telemedicine. A
professional liability policy will provide coverage if a patient alleges that they were injured
as a result of your medical services. In these situations, it is important to have a
comprehensive professional liability insurance policy to back you up. The policy will
provide you with experienced legal counsel and financial support up to the policy limit.

– Cyber/ Privacy Liability: Since telemedicine is done electronically, it is important to look
into purchasing cyber insurance. Cyber insurance provides coverage for cyber attacks,
such as a security breach or ransomware attack. Healthcare professionals typically keep
electronic files that contain private personal information (PPI) and protected health
information (PHI). If PPI or PHI are released or stolen, it can be an extremely costly and
complex situation to navigate. Cyber insurance policies will provide guidance and
financial support in these situations.

– General Liability: Are you going to be doing any in-person practice? Any advertising? If
the answer to either of these questions is yes, you should purchase a general liability
insurance policy. Sometimes telemedicine practices will do in-person meetings or
events. To work these events, a general liability insurance policy may be required by
contract. One example of when your general liability policy would be triggered would be
if a third-party gets injured by your property on site. Your general liability policy would
cover medical expenses and provide legal defense in this situation. General Liability
policies also provide coverage for personal and advertising injury. This coverage may be
triggered if a company with a similar business name sues your business for copyright
infringement. General liability and professional liability insurance can sometimes be
combined on the same policy.

– Property: Do you have an office that you are doing your telemedicine visits at? Does
that office contain any equipment? If the answer to either of these is yes, then you may
want to look into purchasing property coverage for your location. In its simplest sense,
you might want to make sure your computer/ other electronic equipment is insured by a
property policy.

– Products Liability: Do you sell any products? If yes, you may need a products liability
policy. A products liability policy will protect your business in the event that someone
claims a product you sold caused them bodily injury or property damage. The policy can
cover medical costs if someone is injured, legal fees and defense costs, settlement
costs, and more.

– Employment Practices Liability: Do you have any employees? If you have any
employees, then it would be a good idea to discuss the importance of an Employment
Practices Policy with your insurance agent. Employment Practices Liability (EPL) policies
provide coverage for circumstances where employees claim to have faced
discrimination, wrongful termination, harassment, and other employee related issues.
Defending your company against these claims can be costly and they can be extremely
difficult to navigate. An employment practices liability insurance policy can provide
guidance, legal defense, and financial support if your company is ever in one of those
difficult situations.

– Workers Compensation: This policy is often required by law if you have any
employees, even one part-time employee. Workers Compensation provides coverage for
any employee that might be injured on the job.
– And More!

 

InsureGen Brokers has experience working with healthcare professionals providing
telemedicine. We will walk you through the process of finding insurance for your practice and
answer any questions that you have along the way. Contact us for a free quote!