The world of medicine has changed significantly in recent decades. In addition to the coronavirus that accelerated significant technological developments in the field, the digitization revolution that the industry is undergoing, which makes wide and varied information easily accessible to medical professionals and patients at the click of a button, has brought more and more companies to enter the field of digital health. Technology and digitization have entered the conservative industry, and more and more communication with doctors is done today by digital and remote means.

The digitization and big data revolution that the world of medicine is going through has motivated quite a few digital health companies to develop solutions that will allow analyzing and collecting the various medical data and translating them into actionable conclusions, among other things using advanced AI technology.

The combination of the world of medicine and digital also creates quite a few exposures and dangers for companies dealing in the field. Since health is a very sensitive and complex field, they are exposed to lawsuits from patients, medical officials, medical centers, governments, professionals, and external suppliers. In order to help companies reduce the risks, insurance for digital health companies was created.

 

What Does Insurance for Digital Health Companies Include?

Technology Errors & Omissions Insurance – Digital health companies deal in a field in which many parties are involved, who may claim damages caused to them because of their activities. Whether financial, physical, for good, or more, professional liability insurance is designed to help the company do its job in the best way possible, knowing that the insurance provides coverage in case of negligence claims, government investigations, or various legal proceedings.

 

Directors’ and Officers’ Liability Insurance – Indemnifies the executives in the company against negligence claims filed due to their current activities in the company. By virtue of their work, directors, and officers in cleantech companies are forced to make decisions and perform actions that may cause damage to the many parties involved. The insurance is intended to provide them with compensation in the event of a lawsuit, investigation, damage to the good name, etc.

 

Cyber Insurance – The large amount of information in the hands of digital health companies about patients, doctors, treatment procedures, and more can be worth a lot of money and, therefore, may also be a target for criminal elements who want to get their hands on it. Cyber insurance indemnifies the company in the event of a hack, a ransom attack, and claims by certain parties for damage caused to them, whether financial or due to information leakage.