Telemedicine Business Insurance
Telemedicine Business Insurance. Telemedicine, as the term suggests, is a health service provider authorized to prescribe medicines to patients via the internet after a consultation.
Being a telemedicine provider is a great way to reach out and help people in different communities, and it can also be an excellent business decision because you get to serve more people. However, like all other businesses like running a regular clinic they are risks involved in the telemedicine business.
You can get sued for malpractice, for instance, which can take its toll on your finances. That's why it is essential that you have airtight telemedicine business insurance coverage.
Telemedicine business insurance protects health service providers from lawsuits with rates as low as $67/mo. Get a fast quote and your certificate of insurance now."
Below are some answers to commonly asked Terrorism Risk Insurance Act questions:
- How Much Does Telemedicine Business Insurance Cost?
- What's The Difference Between Telemedicine And Telehealth?
- Why Do Doctors Need Telemedicine Business Insurance?
- What Type Of Telemedicine Business Insurance Do Physicians Need?
How Much Does Telemedicine Business Insurance Cost?
The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for telemedicine businesses ranges from $67 to $89 per month based on location, office size, revenue, claims history and more.
What's The Difference Between Telemedicine And Telehealth?
Many insurers will use telemedicine and telehealth interchangeably, but there is a bit of a difference between them.
Telemedicine is a subset of telehealth. Now when it comes to telehealth, it is a broad definition for all health services, which may use telecommunications technology to communicate with patients.
However, telemedicine is meant explicitly for clinical services.
It is perhaps easiest to explain the difference with an example:
Telehealth may involve overall general health services like perhaps public health. Telehealth may include services that send an alert to the public each time there is an outbreak of a disease or may run a video conferencing service that aims to provide medical services or education.
Telemedicine usually involves clinical work, which means providing medical services via a mobile app that allows physicians to treat patients regardless of where they might be. At times patients may send a photo to show the extent of a skin condition before the physician prescribes a treatment regime.
Why Do Doctors Need Telemedicine Business Insurance?
Over the past couple of years, we've witnessed the demand for telehealth services increase tremendously. The Canadian Medical Association states that seven out of every ten Canadians prefer to seek medical health services virtually.
Furthermore, numerous apps like Skype and Zoom allow doctors to personally reach out to patients and vice versa. Then there are platform apps like Tulip and BetterHealth that make it very easy for patients to book and consult with a physician.
Whether you are offering virtual wellness services or telemedicine, or maybe you're in the telemedicine business, being able to navigate the now fast-evolving landscape means you need to have a risk management strategy in place.
Having an telemedicine business insurance policy is the first step to ensuring that a lot of the financial risk involved is mitigated.
What Type Of Telemedicine Business Insurance Do Physicians Need?
As a doctor in the telemedicine business, you can think of yourself as running a clinic or consultancy online. You meet with clients via Skype, Zoom, or any other technology to discuss health issues and prescribe medicines.
However, there are risks associated with this business model. You need to navigate the variations in the scope of data risks, the scope of care, mobile technology, etc., which may make finding coverage a challenge.
You should find a telemedicine business insurance policy that protects you against specific risks associated with your service. Some of these risks include:
- Being sued for malpractice
- Inability to keep medical records confidential resulting in a lawsuit
- Not using the right data protection strategy
- The financial fallout resulting from a data leak
Generally speaking, it should cover as much as possible. Unfortunately, that isn't always the case since telemedicine is an evolving industry. However, comprehensive insurance coverage will and should usually include:
Professional Liability - It is also referred to as Malpractice Insurance. The policy offers coverage when there is either alleged, or there is actual negligence, omissions, errors, or even failure to deliver as promised. The inability to do any of the above results in bodily harm.
If a client or your patient feels that your service didn't provide the expected results, you can be sued. For instance, you provide consultation on skin-related issues but didn't consider the person's history, which led to prescribing the wrong medicine, which resulted in the condition worsening.
The patient can sue you for negligence. That means in addition to having to pay legal fees; you also need to pay damages. That's where having a professional liability insurance policy can protect you and often where a waiver will not.
Cyber Liability - It is essential for telemedicine practitioners and businesses that store client information to use a secure online platform. However, nothing on the internet or in the world of computers is guaranteed to be secure.
So having a policy like this one will ensure that your business is protected against issues related to the security and privacy of the data. Plus, you are financially covered in the way of legal fees, notification costs, and crisis management.
Commercial General Liability - It is a basic form of coverage that will protect you against what's referred to as day-to-day risks, which you will undoubtedly encounter when running a telemedicine business.
You will be protected against third-party injury claims, property damage, etc., which may have resulted from your business's practices if you have a physical location like a clinic in addition to providing services online. This will cover your legal expenses if there is a lawsuit.
Product Liability - Virtual health care or telemedicine is fueling rapid innovation when it comes to mobile health solutions. Today, there are many heart monitors, blood pressure monitors, and various other wearable devices that will sync with an online platform, making it easier for doctors to share and interpret data.
However, this insurance coverage will protect you if there is bodily injury or property damage caused by anything you have developed and is selling. Interestingly, this coverage also applies to any apps you might have developed for use.
Telemedicine Business Insurance - The Bottom Line
You should have the right telemedicine business insurance that covers the scope of your practice's operations and is in compliance with local, state and federal laws.
Additional Resources For Medical Insurance
Discover small business insurance for medical and dental professionals. Medical malpractice insurance is a type of professional liability that protects health care professionals from liability causing in bodily injury, medical expenses and property damage.
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- Telemedicine Business Insurance
Health care providers are the most trusted individuals in our society. Ironically, they are the same ones who can do the greatest harm. They actually have the right to invade our bodies with knives and to poison us with chemicals - all in the name of health care and with the goal of relieving our symptoms and hopefully bringing about a cure.
While the actions of these professionals normally benefit us, insurance coverage must be available for the times when mistakes happen and things go wrong. These professionals and their facilities have extensive property exposures that are becoming more and more intricate and whose values are increasing exponentially.
The 'one size fits all' approach that once could have applied to insurance for health care providers and their facilities no longer applies.
Professional liability offers protection against claims of malpractice for all sums that the medical professional becomes legally obligated to pay as damages because of rendering or failing to render professional services.
Professional and medical malpractice exposures are the most expensive and difficult of all exposures for health care providers. The commercial general liability policy excludes these exposures so separate coverage is needed. Most professional liability policies are written on a claims-made basis and, as a result, tail coverage and retroactive dates are important coverage issues to be aware of when evaluating the insured’s coverage needs and comparing coverages.
The coverage provided is often called medical malpractice. For decades, many involved in the health care field and insurance companies that provide insurance coverage to providers have stated that malpractice lawsuits have created an ongoing crisis of restricting insurance availability, due to loss of insurance companies that write the coverage and significant rate increases.
As a result, state legislatures have taken the following actions to address the situation:
Imposed a dollar limitation of liability for malpractice suits.
Modified statutes of limitation to limit the number of years that a suit may be brought against a physician following a negligent act.
Modified when the statute of limitations takes effect. An example is beginning from a negligent act's occurrence rather than from its discovery.
Passed laws to modify tort law procedures and doctrines that relate to malpractice.
Because of differences in law by state it is important to know the states in which the covered health care providers are licensed and regularly practice. Some health care providers may practice in multiple states because of their particular specialty, their reputation or the demand for their services. Some hospitals may have ownership in facilities or provide services to patients that are outside of their main location state.
Minimum recommended small business insurance coverage: Business Personal Property, Business Income and Extra Expense, Employee Dishonesty, Money and Securities, Accounts Receivable, Computers, Physicians and Surgeons Floater, Valuable Papers and Records, General Liability, Employee Benefits, Professional, Umbrella, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Building, Earthquake, Equipment Breakdown, Flood, Leasehold Interest, Real Property Legal Liability, Computer Fraud, Forgery, Cyber Liability, Employment-related Practices, Business Automobile Liability and Physical Damage and Stop Gap Liability.