First Look: Beazley Launches Virtual Care

Beazley, an insurer of healthcare, technology and privacy risks, has launched what it calls a pioneering insurance policy to cover all organizations involved in the provision of telemedicine.

“Currently, a company active in the fast growing telemedicine sector will normally need at least two insurance policies, and often more, to cover its varied exposures,” a provided release explains.

As we know, however, deep expertise in underwriting medical malpractice, technology errors and omissions and privacy coverages is rarely found in one insurer.

“Virtual Care avoids the potential gaps in coverage that can arise with such a piecemeal approach.  The coverage can be tailored to meet the needs of all participants in the telemedicine value chain,” the company tells us.

Telemedicine offers significant benefits for healthcare providers and patients alike.  It provides on-demand access to high quality medical expertise that may be difficult or impossible to access locally.  With an aging population and a rising incidence of chronic diseases, it can alleviate the burden on the healthcare system.  And technological advances, particularly in areas such as ambulatory care and remote patient monitoring, continually broaden the services that can be provided.

“Telemedicine is one of the fastest growing sectors of the healthcare market, with revenues projected to rise by between 35% and 50% annually in the coming years,” the company explained in a media release. “But medical providers and technology companies require robust protection for the varied and often unique risks that telemedicine presents.  Virtual Care is unique in providing this coverage through a single policy.”

To learn more about Virtual Care, click here.

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