Digital Health is a system of medical care delivery that uses an array of digital technologies to provide healthcare services, making them easily accessible, affordable and sustainable. Most emerging technologies can find applications in the healthcare industry. Technologies include, but are not limited to: Software-as-a-service (SaaS), Internet-of-things (IoT), Artificial Intelligence (AI), Robotics, Mixed Realities (VR/AR), Big data and the list goes on.
Arguably, the COVID-19 pandemic expanded the acceptance of digital innovations in medicine. In this evolving landscape, the role of digital health insurance is becoming increasingly important. Businesses in the digital health sector need comprehensive coverage tailored specifically to their modern needs.
What risks are faced?
Cyber risk – Due to the high volumes of personally identifiable and sensitive information Digital Health companies are a primary target for cyber-attacks and are extremely vulnerable because of how much they rely on technology as part of their operations. Risk posed include Phishing attacks, malware, ransomware attacks and much more. It is not just malicious cyber-attacks businesses need to worry about, there is also exposure due to human error, resulting in data leaks or downtime with systems.
Products Risk – If you sell/supply apparatus or medical devices associated with a digital healthcare solution there is a daunting product risk faced. If your product fails to perform to its intended function in turn injuring someone or causing financial loss there could be some very unhappy people looking for compensation or even pursuing legal action.
Technology Risk – Technology systems can be complex and may not always do what you want them to do. If your technology fails in any way and causes a contract to be lost for a third party, or if it fails to do what is says on the tin and in turn causes financial loss, you may be liable for the costs. Costs can include court fees, Lawyer costs and settlement/damages.
What Insurance solutions can be provided to help protect you protect your business?
Digital Health Insurance solutions are the most valuable asset in protecting your Digital Health business and will include a variety of covers bespoke to your business. Companies in this space can face risks posed by both a technology company and a healthcare company meaning they are exposed to a number of emerging and traditional risks and so need a policy that will cover all bases.
If you are Digital Health Company facing any of the above risks or have an insurance policy falling due soon, please get in touch for a chat to see how we can help.
01905 27775 (306)