Telemedicine Malpractice Insurance

Due to COVID-19 and new legislation providing greater access to telemedicine, business is booming for physicians willing to offer this invaluable service to their patients. There has been a perfect storm of conditions that have allowed this industry to experience explosive growth.  Conditions such as an aging population, rising health care costs, a global pandemic, and increasing pressure to reduce health care expenses. With this in mind, telehealth services offer reasonable solutions.

Not only does telemedicine help to decrease the costs of traditional in-person visits, but with chronic diseases on the rise, telehealth can be instrumental in limiting exposure to certain illnesses. While this emerging field of medicine creates new benefits for the public, it exposes physicians and other health care services providers to new risks, which is why the Insurance Center of North Jersey is addressing these unique risks for telemedicine malpractice insurance.

Malpractice Insurance for Telemedicine

This essential protection is available for a wide range of medical practices offering telehealth medical services. This includes (but certainly is not limited to) the following:

  • Telemedicine platforms and providers
  • mHealth apps
  • Remote patient monitoring tools
  • Artificial intelligence
  • ePharmacies
  • eHealth research involving data collection and analysis

Essentially, any company offering electronic telehealth services is a candidate for medical malpractice insurance for telemedicine.

What Does Telemedicine Malpractice Insurance Cover?

In order to address the complex needs of medical care services and providers when it comes to medical malpractice protection, it is necessary for comprehensive medical malpractice insurance for telemedicine to offer a wide range of coverages.

  • Bodily injury arising from healthcare services. This protection extends to bodily injury from technology activities, cyber events, and system outages. 
  • Products failing to perform. This includes coverage for wearables and self-monitoring devices that do not live up to expectations that were provided, distributed, or installed by your organization.
  • Cyber and privacy coverage. Offers protection from issues related to cyber and privacy exposures, including those related to ransomware and HIPAA penalties.
  • Technology errors and omissions. This relates to the installation, maintenance, supply, and development of technology as part of your healthcare services.
  • General liability. Coverage extends to products, completed ops, and hired and non-owned auto coverage as well as commercial property coverage.
  • Commercial property and business interruption. If your practice is disrupted due to a covered event, this protection provides assistance to your business.
  • Waiver of subrogation. If those with telemedicine malpractice insurance waive their rights to seek legal recourse or financial compensation for losses due to the negligence of a third party, the insurance company agrees to act in kind.
  • Worldwide jurisdiction. Simply means the telehealth malpractice insurance protection isn’t bound to a specific geographic location. Since telemedicine is a virtual process, physicians can practice practically anywhere.

Those are the essential protections offered by telehealth malpractice insurance for physicians and other health care and health care service providers. 

Optional Telemedicine Malpractice Insurance Extras

Optional extras are available as well. These coverages offer additional protection beyond what a typical Teladoc malpractice insurance policy costs.

Insurance Center of North Jersey is happy to discuss your options while developing a malpractice insurance for telemedicine policy that meets your practice or business’s unique needs.

Common optional coverage types include things like defense costs, in addition, defense of license proceedings, and blanket additional insured coverage.

It’s always best to work with an agent who understands your risks on the local level to ensure you’re getting the right coverage and protection to meet your needs. Working directly with an agency, like Insurance Center of North Jersey, can help you get the latest information about additional coverage and protection available to your business or practice.

Limits, Deductibles, and Premiums

There is a lot to learn when it comes to medical malpractice insurance for telemedicine. The maximum coverage limit, for instance, will vary from one company to the next. Our insurance protection caps at $10,000,000. The minimum deductible is zero, and the minimum premium is $5,000.

Of course, as with all insurance, coverage is subject to underwriting as well as the terms, conditions, and limits of your individual policy, once issued. Insurance Center of North Jersey can help you find the right policy to meet your needs and net you with the limits, deductibles, and premiums you feel most comfortable with.

Does Malpractice Insurance Cover Telemedicine?

Perhaps one of the most important questions to ask in regard to telemedicine malpractice insurance is whether you need it or not. The answer is not always straightforward.

Working with a trusted agency, like Insurance Center of North Jersey, who has been serving the insurance needs of businesses in the region for more than 90 years, can help you shop for telemedicine malpractice and other types of insurance with confidence. Our agency can help examine your existing insurance coverage to decide if you need the benefit of telemedicine malpractice protection.

As more people turn to telehealth services, there will be increasing numbers of malpractice complaints against physicians and other health services providers that operate remotely. You do not want your practice or business to be vulnerable if accused of malpractice, negligence, or other claims related to malpractice.

Work With Insurance Center of North Jersey for Your Telemedicine Malpractice Needs

Now, before any claims have been made against you for telemedicine malpractice, is the time to make sure you have the proper coverage for your practice or business.

Contact Insurance Center of North Jersey today to learn if your existing malpractice insurance covers your needs as a physician or health care services provider when using telemedicine in your practice.

You might discover your existing coverage is up to the task, or you are woefully vulnerable if a telemedicine malpractice claim is levied against you.