14 July 2021Actuarial & underwriting

Beazley enhances Virtual Care coverage for digital health and wellness organisations

Specialist insurer Beazley has enhanced its Virtual Care policy, which provides protection against the interconnected risks facing digital health and wellness organisations.

Virtual Care launched in the US in 2017 to support the expanding telehealth sector, since which time demand for such coverage has increased significantly. To address this expanding demand, Beazley has introduced greater flexibility of coverage and more straightforward policy language to ensure clients can easily understand the extent of their coverage.

All Virtual Care policies now also include affirmative bodily injury coverage as standard across all four core modules, which include: medical malpractice and professional liability; technology and media liability; cyber liability and breach response; and general and products liability.

Policies also provide greater choice over first and third-party cyber coverage and risk services, including: breach response services; third-party coverage; first party cyber coverage including business interruption; cyber extortion loss, data recovery loss, data and network liability; and eCrime and criminal reward.

Beazley has also added clinical trials financial injury liability coverage, which protects against negligence, errors, omissions or failure during a clinical investigation and evaluation work.

Kyle Laudadio, a virtual care underwriter at Beazley, said: “These enhancements aim to provide even more robust coverage for clients all under one comprehensive policy. In particular, the introduction of affirmative bodily injury across all coverage modules ensures clients can avoid the worrying gaps in coverage that can result from having a patchwork of policies.”

Laudadio highlighted Beazley research which exposed the level of confusion people feel about what kind of risks they are exposed to and what kind of insurance they need.

“It’s important that as an industry we address this perceived lack of clarity around coverage,” said Laudadio. “We have designed a clearer policy format with simple wording to enable policyholders and brokers to quickly review and understand the coverage they need. As the digital sector evolves, the modular format means we can continue to adapt our coverage as clients’ needs change.”