The Importance of Health Tech Cyber Liability Insurance

June 03, 2022
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As the world becomes increasingly dependent on health care technology, investment in companies that develop, design, distribute and support health tech has grown. Ideas and innovations bringing health care to patients in need are changing how we imagine and experience health care. 

Telehealth technology brings more affordable and available access to wellness, disease management, aging patient care, and pre and post-surgical care. 

Supporting these health tech business models and facilitating their success is important.

The Doctors Insurance Agency specializes in Cyber Insurance, technology liability insurance and Medical Professional Liability Insurance. Our services endeavor to protect investors, executives, managers and health tech providers, and we have been working on Telehealth solutions since 2002.

One of the companies we work closely with is the  .

The Medical Advantage Group has expertise in selecting the right platform for your business. They focus on the integration of the healthcare business from design to implementation.

 The Medical Advantage Group will help you select and promote your digital medical practice and coach the clients and patients for proper use.

 Promoting your health tech business helps drive patients and clients to your business. Coaching patients and clients in using it properly will ensure that they receive the intended value of the healthcare service, which will, in turn, help your business grow.

 And selecting the right professional health tech cyber liability insurance policy helps you manage the risk of liability. Matching the right technical and professional liability insurance policy to your growing healthtech medical organization is important.

 With every telehealth organization, there is liability and risk presented to the investors and providers.

 Using these policies protects the personal assets of health tech investors because they protect and include tail for the health tech providers. Further, the Telemedicine Malpractice Insurance policies help the business administrators manage the expense of maintaining their medical malpractice insurance.

The consultants at the Medical Advantage Group work with you to enable the realization of your mission: to change society by expanding access to health care.

As a Medical Advantage Group partner, The Doctors Insurance Agency will work with you to control insurance costs and partner with you to refine your management and technology strategies. 

Controlling your insurance costs is achieved through the work of our production underwriters. We present your initial application and subsequent business additions and changes to the specialty malpractice insurance carriers that have demonstrated interest and have invested the resources required to manage claims and costs in this space.

 At the Doctors Insurance Agency, we work closely with the Medical Advantage Group to partner with our telehealth organizations. Our team combines business development with investor and provider risk protection. The insurance companies that we select demonstrate interest claims and price competitiveness in the unique space of telemedicine. Their policies scale well and renew at reasonable premiums commensurate with the size and stage of your business.

 There are also companies that focus on medical devices and wearables that collect important data, aiding in the management of disease and promoting health and Wellness.

 InterSystems, a data technology company, is one of them.

 According to the InterSystems website, its mission is:

“To ensure that our clients have reliable, real-time access to the data they need to do their jobs – data they can connect to, share and draw insights from.”

 InterSystems Concentrates on developing solutions using the inspired acronym, IRIS.

 This means their devices and technology must be:

  • Interoperable
  • Reliable
  • Intuitive
  • Scalable

 We feel part of that change and innovation as we work hard with our insurance partners to protect these organizations from the sometimes inevitable inclusion in lawsuits resulting from technology failings.

 A fully integrated tele medical malpractice insurance policy includes specific limits to respond to technology liability claims.

 Our team works with the specialists who underwrite health tech organizations. These underwriters and the carriers that work with them create innovative rating methods.

 Just as InterSystems brings its mission to the development of medical devices and software, so do we by envisioning scalable and reliable tele medical malpractice policies that contemplate technology protecting medical professionals today and tomorrow.