Med-Tech Liability insurance

Specialist cover for medical technology companies

The way patients receive medical care has changed so much in recent years, the insurance industry has had to evolve alongside it.

As a specialist medical sector insurance broker, Howden is at the forefront of the evolution, developing new products that move with the times. We provide risk transfer solutions that give you the confidence to push medical, technological, and geographical boundaries.  

Howden has long worked with the medical, technology and life sciences industries all over the world, so we're perfectly positioned to help you.  

What is Med-Tech insurance?

Specialist medical technology insurance is a tailored package of insurance precisely designed for scenarios where technology is fully integrated into the patient experience. This could be anything from AI-assisted diagnostics in hospitals to wearable consumer tech, to online GP service providers.

Of course, these are quite different scenarios, which is why tailoring is of paramount importance.

What does Med-Tech insurance cover?

Medical technology companies tend to face risks that standard insurance policies struggle to define, and thus, protect against. Would a claim be categorised as medical malpractice? Professional indemnity? Product Liability? Or is it Cyber?

Where many policies are involved, design and alignment come to the fore, because that’s the only way to be confident that your policy will respond when you need it. Without meticulous design, there will be gaps and overlaps, leaving room for debate as to which policy should be activated This can cause delays in pay-outs, or potentially no payout at all.

With Howden, a team of medical and technology specialists will discuss your business with you, then create a comprehensive policy to fit your particular needs.

Core elements of a Med-Tech insurance policy

Medical malpractice insurance covers medical professionals against allegations of negligence when a patient makes a complaint. For a digital health company, they can find the allegations come directly to them, rather than any individual health professional.

Problems arising in any tech-enabled diagnosis/ treatment provision itself are likely to be considered medical malpractice, especially when they cause harm, either physical or mental.

Of course, any investigated allegation may find the fault lay elsewhere, this could be individual errors or systematic failure of either the medical or technology side.

A fault in the software code or a server outage, for example, would usually be excluded, so a traditional malpractice policy would not respond. We add professional indemnity cover, ensuring its usual bodily injury exclusion is removed.

For any innovative tech company, IP infringement cuts both ways. People can copy your work, or you may inadvertently copy theirs.

IP cover can include:
  • Defence against patent and IP infringement claims
  • Contractual indemnities cover
  • Loss of an intellectual property right
  • Loss of future profit. 

Whether you’re selling to hospitals, clinics or the public, if your products cause damage, illness or injury, it is likely a plaintiff (or group of plaintiffs) will seek compensation through the courts. Even if you didn’t manufacture the product, by selling it, you fall into the chain of liability.

Product Liability insurance protects against claims for personal injury or property damage arising from products sold by your business.

Cyber Liability is an everyday risk for digital healthcare companies who hold medical or patient data.

Cyber insurance provides cover for:

  • Incident response support, including IT forensics, Legal and PR services
  • Digital and data asset loss, including the cost of repair, restoration or replacement
  • Business interruption cover, providing income protection while your system is down
  • Defence costs, civil fines and penalties, where they are insurable by law

Employers’ Liability covers injury to your employees, with Public Liability covering both injury and property damage claims from third parties, outside of those listed above. 

What does it cover? 
  • Bodily injury
  • Personal injury (such as through defamation or slander)
  • Property damage
  • Legal defence.

Most companies are legally required to hold Employers’ Liability and almost no companies operate without Public Liability.

How Howden work with you

We believe in value over price. An ‘off-the-shelf’ policy may be cheap, but is unlikely to match your needs and may well fail at the moment you need it most, potentially costing you millions or causing your business to collapse.

We take pride in our tailored approach, and work hard to get to know all of our clients. We make sure your policy matches your requirements without gaps in cover. We offer quality protection that will give you confidence that your insurance will pay out and support you when you call to make a claim. 

Frequently asked questions

Where am I covered?

You may have patients overseas or employees working remotely, which means you could be summoned to face a claim anywhere in the world. We can adapt your policy to fit your global footprint so that your insurance is ready to respond, wherever you need it. 

We're always here to help

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What to do if you are experiencing financial difficulties

We recognise that the current economic conditions are putting pressure on many households and businesses. At Howden, we are committed to finding ways to assist our customers who may require additional support during these times.

If you’re currently facing financial difficulty, please speak to us about your insurance policies by:-

  • contacting your Howden Service Team; 
  • calling Howden on 020 7623 3806;
  • using the Enquiry form.