Insurance for medtech businesses
Medical technology and software insurance from specialists in risk solutions for digital businesses.
A range of covers to meet your needs
Healthcare is rapidly transforming into a technology-led, digital industry. As a result, medtech businesses and healthcare providers face new risks that emerge from not just the provision of their services, but bodily injury resulting from teleadvice, an AI diagnosis error, cyber events, system outages or faulty devices. This has historically been a very difficult level of cover to obtain, however, Digital Risks have arranged this cover for a number of Europe's top medtech businesses.
Technology errors and omissions
As technology is increasingly becoming a core component in healthcare delivery, technology errors and omissions (software failures and coding problems)is another key risk that is often lacking for medtech businesses and healthcare providers. Digital Risks can arrange protection against exposure and breaches during supply, development, installation and maintenance of technology.
We provide cover for tangible products that have been manufactured, altered, distributed or installed by medical technology businesses. This includes wearable technology and self-monitoring healthcare devices, including cover for devices failing to perform as intended and those exported anywhere in the world
Intellectual property (IP) is one of the key assets of any medtech business and that is why it is crucial to arrange a special policy to cover infringement of IP rights. Whether it is for your own copyrights and trademarks, or allegations of infringement on somebody else's. In some cases, we also extend this to cover infringement of a patent.
Fines and compliance
Any business can face fines. But if you're in medtech, greater regulation means you'll often have even more responsibilities and exposure to these kinds of penalties. That's why our cover can protect you against defence costs as well as resulting penalties which are legally insurable.
Public liability insurance protects you if you cause injury or property damage to a third party, either at your co-working space, at a client’s offices, or when you’re around members of the public. You may think that this isn’t relevant to you, if you’re mainly office-based, but if you spend a lot of time going to events and visiting clients, this will increase your risk exposure.
Directors and Officers
D&O covers personal liability for any mistakes or omissions allegedly made by a company’s management team. That includes any legal defence costs and awards made against them. Whether it’s a large publicly-traded company or a startup with a few employees, it covers directors for risks they may face personally for the management of the company.
Other covers to consider
Covers your liability to employees for bodily injury or work-related sickness.
Contents and equipment
Protects your property against theft, loss or damage.
Commercial legal protection
Covers compensation awards, professional fees and legal costs associated with a range of legal disputes.
We're the British Insurance Awards 2018 Insurance Start-up Winner - recognised for our innovative range of covers, online customer experience and flexible subscription model, which make buying and managing insurance easy and accessible for businesses in the digital industries.
Medtech insurance FAQs
You must have a minimum cover of £5 million for employer’s liability. Failure to have this can mean fines of £2,500 for every day that you’re not properly insured. Various factors influence the level of cover you need, including the size of your business, the type of work you do and the requirements of your clients. You may also find that your regulatory body specifies a certain level of cover, depending on the industry you operate in
No problem, give us a call and we’ll see what we can do.
You will receive a summary of your cover with your quote, as well as your policy documents which will be emailed to you within 24 hours of buying your policy.
We know that business can be unpredictable, which is why we offer a monthly subscription, so you can change or cancel your cover at any time. Simply send an email to email@example.com providing at least 30 days’ notice and telling us the date you want the policy to end. Please bear in mind you may need to pay one final month’s premium depending on when your next payment is due.
Business insurance is tax deductible and along with accountancy and legal fees, counts as allowable business expenses. Insurance is VAT exempt but subject to Insurance Premium Tax at a lower rate.
Not a problem – just send us a message or give us a call on 0333 772 0759 and we’ll let you know if we can cover your business activities.
When you buy your policy, we’ll ask you when you want it to start. That can be the same day or at some point in the future. You are then covered from 00:00 on the day you choose.
Cyber security risk management framework
To effectively protect your business from cyber-attacks and data breaches, you must first identify the biggest threats and vulnerabilities you face.
Fintech startups to watch in 2019
Here’re our top 6 hottest Fintech startups that Digital Risks are tipping to thrive in 2019. We’ve taken a look at Truelayer, Monese, PensionBee, Akoni, Tail and the Craft Gin Club.
Going global: what to think about when expanding abroad
With UK customers happy to shop beyond our shores, it follows that UK businesses must also look further afield to expand their reach and growth potential. And in the digital age it’s easier than ever, with much lower barriers and overheads involved. So, where do you start?
We had a breach and the insurance and legal support we got was invaluable. Digital Risks walked us through the whole thing including media and customer relations.
Founder, ID verification software
It was very quick and easy to claim. Our account manager replied within minutes, confirmed the details and we had the money in our account within 48 hours.
COO, HR technology platform
Authorised by the FCA
The FCA supervises UK financial services firms to protect consumers. We are directly authorised and regulated by the FCA and our Firm Reference Number is 656459. These details can be confirmed on the Financial Services Register at www.fca.org.uk or by calling the FCA on 0845 606 1234.
A-rated financial strength
Our insurance products are underwritten by Standard & Poor’s A-rated financial strength or higher. This means the underwriter has been independently assessed by the world’s leading credit rating provider and found to have a strong capacity to meet financial commitments (pay claims).
Protected by the FSCS
If you are a business with an annual turnover under £1m, charity with an annual income under £1m, or trust with net assets under £1m, then you will be entitled to compensation from the FSCS in the unlikely event we cannot meet our obligations. Full details and further information on the scheme are available at www.fscs.org.uk