Insurance for medtech businesses is highly specialist, and the right advice can really make a difference. Covid-19 has only accelerated digital healthcare’s surge in transforming the way we treat patients and develop cures – from artificial intelligence to remote patient monitoring and interactive telemedicine services. Our specialist medtech insurance advice is as individual as your science.
AI assisted diagnostics
Advances in medical technology are bringing more and more devices to everyday life, helping people manage health conditions such as diabetes. But what if the device fails and leads to the wrong level of drugs being taken?
The covid-19 pandemic has increased the use of online health services, such as virtual GP appointments and wellness apps. The digital healthcare sector is growing at a rapid rate and the need for clear and robust risk management is essential to protect businesses operating in this environment.
Remote monitoring technologies
Many medical devices in everyday use in hospitals and care homes now rely on technology rather than people. From bedside monitoring equipment to surgical instruments and Online GP services, the insurance risks and challenges are complex.
Why do you need specialist medtech insurance?
Medtech businesses bridge both the healthcare and technology sectors, so they are open to a wide range of emerging and traditional risks.
Partners& works with cutting-edge innovators across e-health, telemedicine, next-generation health apps, remote patient monitoring tools (for care homes and domestic settings), artificial intelligence, ePharmacies and bespoke medical records software.
Our expert science & technology team can help you protect your business with smart, flexible, high-performance insurance – with a friendly human approach. We understand the risks and pressures you face and we’ll support you with great advice, helping you make the right decisions for your business.
We’ll act as your advocate – negotiating terms, cover and claims with our panel of specialist underwriters.
Who we support
- Medical technology
- Medical devices
- Healthcare IT
- Medical robotics
- Artificial intelligence
- Lifestyle & wellness app developers
Usual types of cover
The risks faced by companies involved in the medtech sector are challenging. Often, these cannot be covered by standard, off-the shelf, business insurance policies.
Our specialist insurance solutions for medtech businesses includes:
If a problem arises from technology-based medical devices, treatments or diagnostic equipment, you could face a medical malpractice claim. For a medtech company, claims are likely to made directly to your business rather than an individual health professional.
Tech E&O provides cover for the supply, development, installation and maintenance of technology in healthcare delivery, as well as for breach of contract.
Cyber and privacy insurance tailored for digital healthcare companies including protection against the costs of extortion, fines and penalties, and initial breach response services.
If you operate in the medtech or digital health industry, one of the most valuable assets your business is likely to hold is your IP. Therefore it’s vital that you have the right insurance place to protect it.
If you manufacture or sell a medical device, diagnostic product or equipment you’re at risk of a compensation claim if the product causes damage or illness. Product liability insurance provides cover to protect against claims for personal injury or property/equipment damage arising from products sold by your business.