Insurance for Telehealth professionals
The demand for online health and wellness services has increased over the past few years. According to the Canadian Medical Association, seven in ten Canadians would prefer a virtual care appointment over in-person. However, the onset of COVID-19 accelerated the adoption of digital solutions worldwide.
Apps like Maple, Tulip, and BetterHelp make it easy for patients to consult with a doctor, counsellor, or dietitian, from the comfort of their own homes. Simultaneously, live and on-demand platforms streaming fitness and wellness offerings offer increased accessibility and support to those looking to implement or maintain a self-care practice.
Whether you offer telemedicine or offer virtual wellness services, navigating the evolving digital landscape requires a robust risk management strategy. We wrote this guide to help you navigate the basics of liability insurance for your telehealth practice.
What is Teleheath insurance?
The increased take-up of online services is beneficial for telehealth practitioners and their clients; however, the new business model offers unique risks. Variations in the scope of care, regulations, data risks, and the use of mobile technology (e.g., wearable devices) may make it challenging to find comprehensive coverage.
Our Telehealth Insurance policy packages are designed to protect telemedicine practitioners against specific risks associated with providing virtual health and wellness services.
Some of our clients include:
- Mental Health Service Providers (e.g., counsellors, therapists, psychologists)
- Health Service Providers (e.g.., pharmacists, nutritionists, physicians, dermatologists)
- Health and Wellness Instructors (e.g., fitness, yoga, meditation)
- mHealth Providers (e.g., wearable technology, apps, devices)
Most Telehealth Insurance policies provide worldwide coverage.
What does it cover?
Any health care professional providing virtual care through an online or digital platform should protect themselves with a Telehealth Insurance policy package.
Every telehealth practice is unique, and insurance requirements may vary; a comprehensive policy package for telemedicine practitioners will typically include the following coverages:
- Professional Liability Insurance, also known as Malpractice Insurance, offers coverage for actual or alleged negligence, errors, omissions, or failure to deliver a service as promised. In some cases, the result may be a bodily injury. If a patient or client feels the service you provided didn’t have the expected results, they could sue. For example, you provide counselling services and fail to take proper account of a patient’s health history, which leads to inappropriate recommendations and treatment. They sue you for negligence as a result. In addition to legal fees and damages, Professional Liability Insurance can protect you where a waiver won’t, as waivers are not always enforceable forms of protection in a court of law.
- Cyber Liability Insurance is critical for health practitioners storing client information or using an online platform to manage their patient’s care. This policy provides financial protection against network security and privacy issues, such as a data breach. It also covers damage to computer and data infrastructure systems and provides financial coverage for notification costs, legal fees, credit monitoring, and crisis management.
- Product Liability Insurance: The emergence of virtual care has resulted in rapid innovation regarding mobile health solutions. Wearable devices, monitors, and sensors that sync with an online platform make sharing and interpreting health data more manageable for both the providers and patients. Product Liability Insurance is a policy that provides coverage for bodily injuries or property damage caused by a product you develop, manufacture or sell. This coverage may also apply to apps you create.
- Commercial General Liability, also known as “slip-and-fall insurance,” is a basic form of coverage that protects against day-to-day risks you may encounter while running your business. It protects your business against claims of actual or alleged third-party bodily injury or property damage that result from your business practices. If you operate a physical location in addition to providing virtual services, you need CGL to cover medical fees and legal expenses, regardless of the lawsuit’s outcome.
How much does it cost?
Multiple factors contribute to the cost of insurance for your telehealth practice. You can anticipate premiums starting at $1,000 a year on Professional Liability Insurance with a $1M limit. Telehealth practitioners can add a low limit of Cyber Liability Insurance to their policy for approximately $100/year.
However, suppose you are storing more sensitive data (e.g., electronic medical records). In that case, you may choose to opt for a standalone cyber policy, which costs approximately $750 – $1K a year and provides more protection should your data be compromised.
We’ve partnered with over fifty insurance providers to offer you different options that suit your business needs at the best price.
Common claims scenarios
Frequently asked questions
Other health and wellness professions we insure: