Insurance for medtech businesses

Specialist cover for Medtech businesses and innovators. We understand the financial and technical risks you face.

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A range of covers to meet your needs

Medical malpractice

When health is involved, the stakes are even higher. And if your clients are left out of pocket or unwell due to your services, you could find yourself in hot water. That's why we tailor our professional indemnity cover to the unique medical and digital risks faced by medtech businesses.

Staying safe online

More than half of SMEs suffered a security breach in 2016 and with EU data protection reforms now in force, medtech businesses need to be prepared. We can help ensure both your cyber security for client data, are covered.

Protecting big ideas

A great idea is worth protecting, whether it's cover for your own copyrights and trademarks, or claims of infringement on somebody else's. We can arrange intellectual property cover to ensure those big ideas don't end up the wrong hands.

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.

Other covers to consider

Employers liability

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.

Award-Winning Insurance

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

How much cover do I need?

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

Can I change my cover or add policies?

Of course. Please contact support@digitalrisks.co.uk or give us a call on 0333 772 0759 and we’ll be more than happy to adjust your policy.

What to do if I have multiple business activities?

No problem, give us a call and we’ll see what we can do.

How do I know what my policy covers?

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.

How do I cancel my 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 support@digitalrisks.co.uk 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.

How long is a quote valid for?

Your quote will be valid for 30 days unless stated otherwise.

Is business insurance tax deductible?

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.

What do I do if my business type isn't on the list?

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.

Will I be covered straight away?

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.

Further reading

23 Jan 2019
4 minute read

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.

6 Dec 2018
5 minute read

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.

24 Sep 2018
4 minute read

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 insure thousands of innovative businesses

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What our customers say

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

You're in safe hands

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