Specialty insurer Beazley has enhanced its innovative policy of virtual care, which offers comprehensive protection against the interconnected risks faced by digital health and wellness organizations.
First launched in the United States in 2017 for the telehealth industry, demand for virtual care coverage has increased dramatically during the pandemic, in line with the growing public appetite for health and wellness services. remotely, Beazley said when announcing the policy’s improved coverage options.
All virtual care policies now include affirmative bodily injury coverage as standard in all four basic modules:
- Medical malpractice and professional liability;
- Responsibility for technology and media;
- Cyber Liability and Intervention in Case of Breach; and
- General and product liability.
In addition, the policy offers more choice compared to first-party and third-party risk coverage and management services. These include:
- Breach Response Services to assist you in the event of an incident;
- Third party coverage, including information security and privacy, media liability, regulatory defense and payment cards;
- First party cyber coverage, including business interruption (BI) and dependent BI in the event of a security breach or system failure;
- Loss through cyber extortion, loss of data recovery, data and network liability; and
- eCrime and criminal reward.
Financial Injury Clinical Trials Liability coverage is also available now, which protects against negligence, errors, omissions or failure in clinical investigation and evaluation work.
“These enhancements are aimed at providing even stronger coverage for clients under a single comprehensive policy,” said Kyle Laudadio, underwriter of Beazley Virtual Care. “In particular, the introduction of affirmative action in all coverage modules enables clients to avoid worrying gaps in coverage that can result from a patchwork of policies. “
A Beazley-commissioned survey of more than 350 executives from established telehealth and telemedicine companies found that a third of those surveyed were unsure what types of risks they needed to be covered for, while 36% struggled to find the right insurance.
“It’s important that as an industry we address this perceived lack of clarity around coverage,” Laudadio said. “We’ve designed a clearer policy format with straightforward wording to allow policyholders and brokers to quickly review and understand the coverage they need. As the digital industry evolves, the modular format allows us to continue to adapt our coverage to changing customer needs.
Brokers also have access to a wide range of risk management tools and services through Beazley’s Virtual Care portal, according to the announcement. This includes a new interactive digital map that provides detailed information on state laws governing the provision of telehealth services in the United States.
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